Output growth is defined as the growth rate of output
A. per person in the economy.
B. per worker in the economy.
C. of the entire economy.
D. for capitalist economies.
Answer: C
Economics
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Suppose that a country increased its saving rate. In the long run it would have
a. higher productivity, and another unit of capital would increase output by more than before. b. higher productivity, but another unit of capital would increase output by less than before. c. lower productivity, and another unit of capital would increase output by more than before. d. lower productivity, but another unit of capital would increase output by less than before.
Economics
An inferior good has an income elasticity of demand that is
A) positive. B) negative. C) positive but less than 1. D) zero.
Economics