Refer to the above figure. How do you describe what is happening as the economy moves from point A to point C?
A) The economy has acquired new resources that are well suited for producing bread.
B) Land that was once used to graze sheep is now being used to grow wheat.
C) Resources are becoming unemployed.
D) The technology for growing wheat has improved.
C
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Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____
a. the average citizen's standard of living in a nation b. the quality of labor in a nation c. the distribution of income in a nation d. the quality of life people experience in a nation e. economic activity in a nation
The national debt
a. will be zero when the federal budget is balanced. b. has been shrinking in the last 30 years. c. is equal to the government's budget deficit. d. can grow without negative economic effects. e. is a flow measure while the deficit is a stock measure.