Simon Kuznets argues that changes in quantities of labor and capital account for:
a. decrease in economic growth.
b. one tenth of the increase in economic growth.
c. all of the increase in economic growth.
d. most of the inflation in our economy.
b
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A rational choice is one that:
A. allows individuals to reach their goals. B. involves the use of strategic decision making in an effort to reach a goal. C. does not involve self-interested behavior. D. is usually optimized when decision makers are poorly informed about alternatives
A simultaneous $10 million increase in both taxes and government spending will have no net effect on aggregate demand
a. True b. False Indicate whether the statement is true or false
A competitive firm's profit will be increasing as long as marginal revenue is greater than marginal cost
a. True b. False Indicate whether the statement is true or false
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.