Technological progress has played a very important role in China's economic growth. Where does the technological progress in China come from?
What will be an ideal response?
There are two major channels. First, China has transferred labor from the countryside, where productivity is very low, to industry and services in the cities, where productivity is much higher. Second, China has imported the technology of more technologically advanced countries.
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During the expansion phase of the business cycle, we would normally expect to see real income ____, price level ____, and unemployment rate ____.
a. increasing; increasing; increasing b. increasing; decreasing; decreasing c. increasing; increasing; decreasing d. falling; increasing; increasing
Per capita GDP is a measure of the dollar value of output produced by an average worker in one hour
a. True b. False Indicate whether the statement is true or false
A useful rule of thumb called the "Rule of 70" states that if something grows at a constant rate of Z percent per year, it doubles in size approximately every __________ years
A) 70 - Z B) 70/Z C) Z/70 D) 70 × (Z/100)
Explain why a perfectly competitive firm has no incentive to charge a higher or lower price than the market price.
What will be an ideal response?