More than half the growth of real GDP in the United States is caused by:
A. a falling price level.
B. the reallocation of labor from manufacturing to agriculture.
C. increases in the productivity of labor.
D. the use of fewer inputs of labor.
C. increases in the productivity of labor.
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A nominal appreciation of the Mexican peso (against all currencies) indicates that
A) the peso price of foreign currency has risen. B) the Mexican real exchange rate will not change if the price level in Mexico falls. C) the peso price of, for example, the U.K. pound has decreased. D) the number of units of foreign currency that one can obtain with one peso has increased.
Although national defense is currently a public good, economists who advocate small government generally agree that the U.S. should privatize national defense to increase the efficiency of the good
a. True b. False Indicate whether the statement is true or false