Answer the following statement(s) true (T) or false (F)
1. Economic growth is typically measured in terms of real GDP per capita.
2. A slight difference in economic growth rates between two countries generally results in only minor differences in wealth in the long term.
3. A rise in productivity usually results in a higher standard of living.
4. A country that is increasing its rate of consumption is reducing its level of production.
5. The four factors that determine productivity and economic growth are natural resources, human capital, physical capital, and technology.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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If an economy is operating at a point inside the production possibilities frontier, then
A) society's resources are being inefficiently utilized. B) the PPF curve will shift inward. C) society's resources are being used to produce too many consumer goods. D) economic policy must retard further growth of the economy.
What would the Herfindahl-Hirschman Index equal for an industry consisting of 20 firms with each holding a 5% market share?
a. 20 b. 100 c. 500 d. 2,500
Which of the following represents an example of labor-market discrimination?
a. An employer is more likely to grant an interview to a person graduating from Yale than from the local community college. b. An employer is more likely to grant an interview to a person graduating from the local community college than from Yale. c. An employer is more likely to grant an interview to a woman with a traditionally "white" name such as Emily than to a woman with a traditionally "black" name such as Lakisha. d. An employer is as likely to grant an interview to person with a traditionally "masculine" name such as "Alex" as a person with a traditionally "feminine" name such as "Emily.".
If a perfectly competitive firm produces and sells more output, its _______ will definitely increase.
a) Marginal revenue b) Total profit c) Average total cost d) Total revenue