How does the growth rate of real GDP contribute to an improved standard of living?

What will be an ideal response?


A benefit of long-term economic growth is the increased consumption of goods and services that is made possible. Growth of real GDP also allows more resources to be devoted to areas such as health care, research, and environmental protection.

Economics

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Most economists today believe that the Phillips curve is

a. vertical in the short run but downward sloping in the long run. b. upward sloping in the short run but vertical in the long run. c. downward sloping in the short run but vertical in the long run. d. vertical in the short run but upward sloping in the long run.

Economics

Since the 1970s, energy use per person in the United States has

A. risen dramatically. B. fallen slightly. C. fallen dramatically. D. risen slightly.

Economics

Personal income is equal to

A. national income minus (corporate income taxes and Social Security). B. NDP minus national income. C. disposable personal income plus personal income taxes. D. disposable personal income plus personal and corporate income taxes.

Economics

At a price of $10, quantity demanded is 30 units. When the price rises to $11, quantity demanded is 24 units. What is the absolute price elasticity of demand?

A) 0.5 B) 0.43 C) 2.33 D) 6.0

Economics