An increase in total output or real GDP is
A. Economic growth.
B. The Millennium Poverty Goal.
C. Productivity growth.
D. The inequality trap.
Answer: A
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A U.S. firm buys apples from New Zealand with New Zealand dollars it got in exchange for U.S. dollars. New Zealand residents then use these dollars to purchase oranges from the U.S. Which of the following increases?
a. New Zealand's net capital outflow and New Zealand's net exports b. only New Zealand's net exports c. only New Zealand's net capital outflow d. neither New Zealand's net exports nor New Zealand's capital outflow
Avner is maximizing total utility by buying sports magazines and protein supplements. For him to buy more sports magazines
A) the price of protein supplements has to fall. B) the price of sports magazines has to fall. C) the price of sports magazines has to rise. D) Since Avner is maximizing his utility, nothing can change the consumption of sports magazines.