Economic growth is achieved through: (check all that apply)
a. increased supplies of the factors of production.
b. advances in technology.
c. reduction in the quality of resources.
d. decreased demand for the factors of production.
a. increased supplies of the factors of production.
b. advances in technology.
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The table below shows data for China
Population (millions) Real GDP (yuan, billions) Nominal GDP (yuan, billions) 2000 1267 4999 9921 2003 1292 6498 13582 2006 1315 8776 21087 The standard of living between 2003 and 2006 increased by ________. A) 55.3 percent B) 1.8 percent C) 35 percent D) 32.7 percent
If there is surplus of a good, then the quantity demanded ________ the quantity supplied and the price will ________
A) is less than; rise B) is less than; fall C) is greater than; rise D) is greater than; fall