Answer the following statement(s) true (T) or false (F)
1. Economic growth is typically measured in terms of real GDP per capita.
2. A slight difference in economic growth rates between two countries generally results in only minor differences in wealth in the long term.
3. A rise in productivity usually results in a higher standard of living.
4. A country that is increasing its rate of consumption is reducing its level of production.
5. The four factors that determine productivity and economic growth are natural resources, human capital, physical capital, and technology.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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A recent article suggests that the introduction of the new iPhone 6 increased the demand for iPhone protective cases. The article suggests that these two goods are
A) substitutes and their indifference curves are close to being straight lines. B) complements and their indifference curves are close to being straight lines. C) substitutes and their indifference curves are close to being L shaped. D) complements and their indifference curves are close to being L shaped.
Everything else held constant, in the market for reserves, when the federal funds rate equals the interest rate paid on excess reserves, raising the interest rate paid on excess reserves
A) increases the federal funds rate. B) lowers the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect of the federal funds rate.