Offer a defense of economic growth
Please provide the best answer for the statement.
The case for economic growth is compelling, especially for those countries who have a relatively low standard of living. Growth makes the scarcity problem less acute. Related to this issue, growth also makes it possible for nations to alleviate poverty. There are also non material considerations that result from economic growth such as the ability to increase one’s leisure time. Proponents of growth argue that growth and environmental protection can occur simultaneously and that the case for limiting growth in order to preserve the environment is a false issue. Growth is sustainable because the market system conserves scarce resources through higher prices.
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According to the quantity theory of money, if the money supply grows at 6%, real GDP grows at 2%, and the velocity of money is constant, then the inflation rate will be
A) 8%. B) 6%. C) 4%. D) 2%.
A firm's net income is also its
A) opportunity cost. B) accounting profit. C) balance sheet. D) economic profit.