Capital deepening will occur as long as total saving is greater than depreciation
Indicate whether the statement is true or false
TRUE
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The income effect of a higher wage rate results in a
I. higher income as people work more. II. person choosing to decrease work hours as income increases. III. backward-bending labor supply curve. A) I and II B) II and III C) I and III D) II only
In the equation of exchange, the average number of times a dollar is used to purchase a final good or service is the __________ of money
A) turnover B) elasticity C) velocity D) transfer
The desired tax cut to close a GDP gap is given by
A. Desired fiscal stimulus × MPC. B. Desired fiscal stimulus ÷ MPC. C. AD shortfall × MPS. D. AD shortfall ÷ MPC.
From 1978 to 2003, China grew on average ________ percent per year, a rate faster than any other country in the world.
A. 4 B. 9 C. 25 D. 75