In the above table, the private sector has a
A) surplus of $300 billion.
B) deficit of $300 billion.
C) deficit of $200 billion.
D) deficit of $400 billion.
B
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What will be an ideal response?
According to new growth theory,
A) growth in real GDP per capita occurs only if there are increasing returns. B) technological change is influenced by economic incentives. C) economic growth is determined by forces outside the control of the market system. D) centrally-planned economies are the most efficient.
The output per acre on U.S. farms has
a. remained fairly stagnant since 1968 b. increased only slightly since 1968 c. declined dramatically since the late 1970s d. more than doubled since World War II e. shown a marked decline in recent years
What is a production function? Write an equation for a typical production function, and explain what each of the terms represents