Differences in size of real GDP across countries are best explained by
A. Human capital.
B. Large farming sector.
C. Population growth.
D. None of the choices are correct.
Answer: A
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According to this Application, one solution proposed to deal with the rising expenses of government entitlement programs is to raise taxes. An increase in taxes to help cover the rising expenses of entitlement programs would
A) increase aggregate demand, shifting the AD curve to the left. B) decrease aggregate demand, shifting the AD curve to the left. C) decrease aggregate demand, shifting the AD curve to the right. D) increase aggregate demand, shifting the AD curve to the right.
Refer to Figure 18.3. In autarky, the maximum amount of scooters that Livonia can produce is
A) 120. B) 100. C) 80. D) 40.
Labor productivity is ________ divided by the ________
a. units of labor employed; total output b. total output; units of labor employed c. the wage rate; the price of the good or service produced d. units of labor employed; the wage rate
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
What will be an ideal response?