According to Hughes and Cain (2011), American economic history is the story of economic growth. Economic growth
(a) necessarily means an improvement in the quality of life for all individuals.
(b) does not necessarily measure an improvement in the quality of life; it merely indicates the potential for improvement.
(c) as conventionally measured considers an employed person living in the pollution and congestion of modern Tokyo to be "worse off" than a sun-tanned artist watching another glorious sunset on the beach in Tahiti.
(d) is measured by the increases in total output of goods and services less any environmental destruction that occurs in the process of production.
(b)
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With a 10% reserve requirement ratio, a $100 deposit into New Bank means that the maximum amount New Bank could lend is
A) $90. B) $100. C) $10. D) $110.
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.