What is long-run economic growth and how is it measured?
What will be an ideal response?
Long-run economic growth is the process by which productivity raises the average standard of living. It is measured by labor productivity, which is the quantity of goods and services that can be produced by one worker or by one hour of work.
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There are two firms in an industry and their products are perfect substitutes for each other. Each firm had a market share of 50% and charged equal prices
However, when the demand for the good declined due to a recession, Firm A lowered its price to increase sales. Firm B responded by lowering its price further. This is an example of the ________ of oligopoly. A) Bertrand model B) Cournot model C) Ricardian model D) Keynesian model
To join the EMU, a country must have
A) a public-sector deficit no higher than 3 percent of its GDP in general. B) a public-sector deficit no higher than 2 percent of its GDP in general. C) a public-sector deficit no higher than 1 percent of its GDP in general. D) a zero public-sector deficit. E) a public-sector deficit no higher than 4 percent of its GDP in general.