Economists and policy makers are committed to encouraging a high and growing level of real GDP because:
A.
This implies a lower price level
B.
This means a higher level of unemployment
C.
This implies an increase in investment
D.
This means greater consumption opportunities
D.
This means greater consumption opportunities
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Assume a firm is operating in a purely competitive market facing an upward-sloping long-run supply curve
If the industry is currently making pure economic profit what adjustment processes would take place in this market? What would happen to the industry supply curve, equilibrium quantity and equilibrium price?
The Malthusian population trap model has been criticized on the grounds that it
(a) ignores the role of technological progress. (b) assumes that population growth is primarily determined by individual choice over the number of children to have. (c) both (a) and (b) are correct. (d) neither (a) nor (b) is correct.