Economic development is distinguished from economic growth by:
a. accumulation of capital
b. shifts in the structure of output
c. higher per capita income
d. improved standards of living
e. all of the above
B
Economics
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Which of the following would cause the money supply in the United States to decrease?
a. An increase in reserve requirements b. A decrease in the discount rate c. A purchase of U.S. government bonds by the Federal Reserve d. An increase in the world supply of gold
Economics
If a profit-maximizing firm finds that price exceeds average variable cost and marginal revenue is greater than marginal cost, it should: a. reduce output, but continue producing in the short run. b. increase output
c. shut down. d. not alter its production level since it is earning a profit.
Economics