The two major reasons for the tremendous growth in output in the U.S. economy over the last 125 years are
A) population growth and low inflation.
B) population growth and increased productivity.
C) low unemployment and low inflation.
D) low inflation and low trade deficits.
B
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According to the text, which of the following statements BEST describes U.S. factor abundance in 1947?
a. Taking into account different labor productivities, the U.S. "effective" labor force was much larger than the "effective" labor force in the rest of the world. b. Taking into account different labor productivities, the U.S. '"effective" labor force was much smaller than the "effective" labor force in the rest of the world. c. Taking into account productivities of capital in different industries, the U.S. "effective" capital stock was much smaller than the '"effective" capital stock force in the rest of the world. d. Corrected data indicate that the United States was actually was a laborabundant and capitalpoor country in 1947.
Deciding what the distribution of income should be is an example of normative economics.
Answer the following statement true (T) or false (F)