(Last Word) It is expected that by 2050, most nations will have decreasing populations. With the likely decline in the labor force and number of hours of work in the economy, what must occur for real GDP to continue to rise?
A. Increasing amounts of natural resources must be brought into production.
B. Labor productivity must grow faster than the drop in work hours.
C. Consumption spending must grow faster than the drop in work hours.
D. Government spending and tax policy must be altered to stimulate sufficient demand.
B. Labor productivity must grow faster than the drop in work hours.
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Which of the following is not a characteristic of a chicken game?
A) Neither player has a dominant strategy. B) Nash equilibria exist at every outcome where the players successfully coordinate. C) The two general outcomes are where players either coordinate with one another or they do not. D) When both players play their tough strategy, they each receive their best possible payout.
Early American manufacturers were particularly concerned about minimizing:
a. raw material costs. b. labor costs. c. state-levied taxes on profits. d. energy costs.