The new growth theory asserts that
A) eventually people earn only a subsistence living.
B) a discovery can be used by only one person, the discoverer.
C) technology improves slowly while population grows rapidly.
D) production processes can be replicated at many different firms in the economy.
E) the population growth rate will increase when real GDP per person increases.
D
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Refer to the above diagram. The budget line shift which moves the consumer's equilibrium position from point A to point B suggests:
A) an increase in the quantity of Y demanded. B) a decrease in the quantity of Y demanded. C) a leftward shift in the demand curve for Y . D) a rightward shift in the demand curve for Y .
Quantitative easing by the Fed refers to
A) the creation of bank reserves by engaging in large-scale open market operation at very low interest rates. B) decreasing the money supply during a recession to prevent inflation. C) selling private securities issued by the Fed. D) lowering the federal funds rate while increasing the discount rate. E) lowering the required reserve ratio to zero percent.