One principle of economic growth is the notion that, to raise living standards over time, an economy must:
A.
Have full employment of its labor force
B.
Devote some portion of its current output to increasing its future output
C.
Maintain low inflation over the years
D.
Have a small population so that its GDP per person will be high
B.
Devote some portion of its current output to increasing its future output
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In the figure above, the equilibrium market price is $20. $20 is the
A) marginal cost of the 150th unit. B) willingness to pay for the 1st unit. C) producer surplus. D) consumer surplus. E) deadweight loss.
College education tends to result in a positive externality because the recipient receives the full benefit of the education
Indicate whether the statement is true or false
From 2001 to 2015, the debt—GDP ratio in the United States
A) steadily fell. B) steadily increased. C) was about constant. D) fell from 1995 to 1998, then rose sharply.
A firm produces staples in a perfectly competitive market and hires workers in a perfectly competitive labor market. Which of the following is true?
a. The supply curve of staples is horizontal. b. The supply curve of workers is horizontal. c. The firm's demand curve for labor is horizontal. d. The marginal revenue product of labor curve is horizontal. e. The marginal product of labor curve is horizontal.