Real standards of living can increase
A) if the country is producing the same amount they traditionally have and are enjoying more leisure time.
B) only if there is positive economic growth.
C) if there is positive growth in the manufacturing sector.
D) only at the cost of increased urban congestion.
A
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When there is a recession (a fall in output) and prices are increasing, and this situation is caused by adverse supply shocks, the term economists use to describe it is
A) stagflation. B) inflation. C) aggregate shifts. D) stagnation.
What determines the revenue flows received by businesses?
A) an agency of the Federal government B) their ownership of factors of production, how much they sell in the factor markets, and the prices received when sold C) what they pay the factors of production they employ D) what they choose to produce, how much is sold, and the price received when sold E) financial institutions such as banks