Economic growth is usually defined as
A. the increase in output over time, as measured by real per capita Gross Domestic Product (GDP).
B. the rate of increase in output divided by the increase in labor.
C. the increase in input availability.
D. the reduction in the real cost of necessities.
Answer: A
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Historical data suggests that a trend toward ________ natural employment ________
A) larger, deficits from the early 1960s to the mid-1980s. B) larger, surpluses form the early 1960s to the mid-1980s. C) smaller, surpluses form the mid-1980s to 1995. D) larger, surpluses from the mid-1980s to 1995.
The more risk averse people are, the ________ likely they will purchase insurance, and the ________ money they are willing to pay for the insurance.
A) more; more B) less; more C) less; less D) more; less
Monopolistically competitive firms have an incentive to:
A. engage in tactics for bringing in more customers. B. advertise. C. engage in brand promotion. D. All of these statements are true.
An example of income that is received but not earned is
a. net income payments b. unemployment compensation c. Social Security contributions d. corporate retained earnings e. personal income taxes