One of the most important factors for economic growth to take place is that a society must
What will be an ideal response?
consume less than they produce.
You might also like to view...
In the above figure, the curve labeled MCL is the marginal cost of labor curve and is used in a
A) competitive situation in which individual firms cannot influence the wage rate they must pay. B) competitive situation in which skill differentials create a difference between what a firm must pay labor versus the wage at which households are willing to supply labor. C) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is less than the marginal cost of labor. D) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is greater than the marginal cost of labor.
An individual having an unusually bad year will be on her short-run consumption function at a point ________ her long-run consumption function, with an unusually ________ saving ratio
A) above, high B) above, low C) below, high D) below, low
The newly industrialized Asian economies have developed by adopting the latest technology and investing in _____.?
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. Suppose Jerry's MPC decreases. At income Y1, Jerry's
A. consumption will be less than his income. B. consumption will be greater than his income. C. saving will be zero. D. all of the above