In addition to saving and investment in capital, making an even larger contribution to long-term economic growth in real GDP per person
A) are technological advances.
B) is lower current consumption.
C) is higher current consumption.
D) is a larger work force.
A
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In the long run, a 1% increase in real GDP tends to
A) cause a 1% increase in the demand for money. B) cause a less than 1% increase in the demand for money. C) cause a greater than 1% increase in the demand for money. D) have virtually no effect on the demand for money, because the interest rate is the main determinant of the demand for money.
The welfare loss from an import quota is greater than that of an equivalent tariff because
A) tariff revenues can be used to society's benefit. B) the loss in consumer surplus is not as large. C) domestic producers gain more from a quota than from a tariff. D) tariff revenues represent an additional deadweight loss.