According to the classical growth theory of Thomas Malthus
A) labor productivity increases continuously.
B) the population growth rate is fixed.
C) technological advances lead to permanent increases in real GDP per person.
D) increases in real GDP per person are only temporary.
D
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If the crowding-out effect is complete and the marginal propensity to save is 0.25, then an increase in government spending of $100 billion will generate how much more real GDP?
A) $0 B) $400 billion C) $25 billion D) $100 billion
If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour, then
A) Irene has the absolute advantage in the production of tables. B) Greg has the absolute advantage in the production of chairs. C) Irene has the comparative advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.