Increases in the quality and quantity of an economy's resources have little effect on its potential output in the long run

A recession is always associated with

a. the end of a war. b. slowly growing real GDP. c. rising inflation. d. declining real GDP.

Which of the following is a true statement?

a. International data leave few doubts that a nation's GDP per person is associated with its citizens' standard of living. b. Rich and poor countries often have vastly different standards of living, but similar levels of real GDP per person. c. The value of leisure time is included in the calculation of GDP per person. d. International data indicate that measures on the distribution of income are closely associated with GDP per person.