How might a country that is poor in natural resources but rich in labor increase productivity in a way that leads to sustained economic growth?
a. by restricting trade with foreign countries
b. by encouraging citizens to consume most of their incomes
c. by increasing the quantity and quality of its capital
d. by striving to increase the population
c. by increasing the quantity and quality of its capital
Economics
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All industrialized countries have become "service economies" in recent decades. Explain the reasons behind this shift
Economics
Which of the following activities would be included in GDP?
A. You hire a cleaning service at $40 to clean your house. B. Your roommate pays you $40 to clean the house. C. Your parents send you $40 to hire a house cleaner, and you clean the house and keep the $40 yourself. D. All of these would be included in GDP, since there was a monetary exchange.
Economics