For the U.S. economy, on an average:
A) growth resulting from technology is greater than the growth resulting from human capital.
B) growth resulting from technology is smaller than the growth resulting from physical capital.
C) growth resulting from technology equal to the growth resulting from physical capital.
D) growth resulting from technology equal to the growth resulting from human capital.
A
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Students in a class are assigned to groups to work on a project. A grade will be given for each project, and everyone in the group will receive that grade. For the members of a particular group, the grade is a
a. external benefit. b. public good. c. external cost. d. repeat purchase item.
Assume that in 2002 the nominal GDP was $350 billion and in 2003 it was $375 billion. On the basis of this information, we:
A. cannot make a meaningful comparison of the economy's performance in 2002 relative to 2003. B. can conclude that the economy was achieving real economic growth. C. can conclude that real GDP was higher in 2002 than in 2003. D. can conclude that real GDP was lower in 2002 than in 2003.