For a nation to have sustained economic growth, it must ______.
a. decrease its reliance on natural resources
b. decrease its rate of population growth
c. increase the output per average worker
d. increase its exports
c. increase the output per average worker
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High rates of saving today contribute to ________ in the future.
A. more capital gains B. a higher standard of living C. more unemployment D. higher tax rates
Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of growing another ton of potatoes?
A) 0 cows B) 1 ton of potatoes C) 80 cows D) 400 cows E) 100 cows
The gap between potential GDP and real GDP had been as large as 7 percent during the worst of the 2007-2009 recession. By 2015, the gap
A) was positive, with real GDP exceeding potential GDP. B) had been eliminated. C) was still nearly 3 percent. D) remained at 7 percent.
________ in the foreign interest rate causes the demand for domestic assets to decrease and the domestic currency to ________, everything else held constant
A) An increase; appreciate B) An increase; depreciate C) A decrease; appreciate D) A decrease; depreciate