Real standards of living can increase
A. if there is positive growth in the manufacturing sector.
B. if the country is producing the same amount they traditionally have and are enjoying more leisure time.
C. only if there is positive economic growth.
D. only at the cost of increased urban congestion.
Answer: B
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Relative to life insurance companies, the liabilities of property and casualty insurance companies are
A) longer-term. B) more unpredictable. C) less risky. D) subject to higher taxes.
If both of two goods have price elasticities of demand, price elasticities of supply, income elasticities of demand and cross elasticities of demand all equal to 2.0: a. They are both normal and substitutes
b. They are both normal and complements. c. They are both inferior and substitutes. d. They are both inferior and complements.