Economic growth:
A. does not affect living standards at all.
B. has a relatively large effect on living standards over long periods of time.
C. has a relatively small effect on living standards over long periods of time.
D. is the sole determinant of living standards over any time period.
Answer: B
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The level of real GDP person
a. differs widely across countries, but the growth rate of real GDP per person is similar across countries. b. is very similar across countries, but the growth rate of real GDP per person differs widely across countries. c. and the growth rate of real GDP per person are similar across countries. d. and the growth rate of real GDP per person vary widely across countries.
You own a business that answers telephone calls for physicians after their offices close. You have an incentive to substitute capital for labor if the
A. price of labor decreases. B. price of capital decreases. C. marginal product of labor increases. D. price of capital increases.