Which of the following statements is NOT true about economic growth?
A. Growth generally means that overall the members of the nation are better off materially.
B. When growth occurs the production possibilities curve shifts outward.
C. Growth represents an increase in a nation's productive capacity.
D. Growth is measured as the overall level of real GDP.
Answer: D
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A market system:
a. produces answers to a society's "what" and "who" questions, but not the "for whom" question. b. produces answers to a society's "what" and "for whom" questions, but not the "how" question. c. produces answers to a society's "how" and "for whom" questions, but not the "what" question. d. produces answers to a society's "what," "how," and "for whom" questions.
If the actual price level exceeds the expected price level reflected in long-term contracts,
a. many firms will find production more profitable than they had expected and will increase the quantity of output supplied. b. many firms will find production less profitable than they had expected and will decrease the quantity of output supplied. c. many firms will find production more profitable than they had expected and will decrease the quantity of output supplied. d. many firms will find production less profitable than they had expected and will increase the quantity of output supplied.
1 A business cycle is:
a. the period of time in which there are three phases which are: peak, depression, and expansion. b. the period of time in which expansion and contraction of economic activity are equal. c. the period of time in which a business is established and ceases operations. d. the recurring growth and decline in real GDP.
Which of the following is a difference between an oligopoly with homogeneous products and an oligopoly with differentiated products?
A) There are a large number of sellers in an oligopoly with homogeneous products and there are a few sellers in an oligopoly with differentiated products. B) Firms in an oligopoly with homogeneous products earn positive economic profits in equilibrium, while firms in an oligopoly with differentiated products earn zero economic profits. C) There are huge barriers to entry in an oligopoly with homogeneous products, while there are no barriers to entry in an oligopoly with differentiated products. D) Firms in an oligopoly with homogeneous products earn zero economic profits in equilibrium, while firms in an oligopoly with differentiated products earn positive economic profits.