The growth of real GDP per person in the United States between 1960 and 2016 was the result of:
A. neither the growth in average labor productivity nor the share of population employed.
B. growth in both average labor productivity and the share of population employed.
C. growth in the share of population employed only.
D. growth in average labor productivity only.
Answer: B
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In response to an unanticipated easing of monetary policy, the Fed funds rate ________ at first, then ________ after 6 to 12 months
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; rises significantly D) remains roughly unchanged; falls significantly
Adam Smith (1776) claimed that less governmental regulation, not more, would provide incentives for individuals to allocate resources efficiently, specialize and trade
Specialization and trade would generate wealth and result in economic growth and development. Indicate whether the statement is true or false