Economic progress is best measured by
A. the growth rate of prices over time.
B. the growth rate of GDP per capita.
C. the amount of working time needed for an individual worker to afford certain goods and services.
D. the annual growth rate in the population.
Answer: B
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Suppose that Federal Reserve policy leads to higher interest rates in the United States
How will this policy affect real GDP in the short run if the United States is a closed economy, and how will it affect real GDP in the short run if the United States is an open economy?
When a firm has the power to establish its price
A) P = MR. B) P = MC. C) P > MR. D) P < MR.
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. The implicit cost for one birdhouse is
a. $4. b. $5. c. $8. d. $9.
if you take investment by US residents in other countries and you subtract investment by foreign resident in the US, you will find
What will be an ideal response?