What changes must occur for the potential total output of the economy to grow?
Please provide the best answer for the statement.
For the economy to grow there must be either an expansion of resources or an improvement in productive efficiency so that more can be produced with the existing level of resources. Both of these changes would be most desirable for rapid growth.
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The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months. B) two consecutive quarters of declining real GDP. C) a significant decline in inflation and unemployment lasting more than a few months. D) two consecutive quarters of declining nominal GDP.
A union wants to increase its members' wages without reducing employment. Which of the following strategies might achieve that goal?
a. setting a high minimum wage rate for its members b. increasing the number of members in the union c. pushing employers not to allow featherbedding of workers d. training its members to work more productively