The major sources of economic growth are
a. gains from trade, entrepreneurial discovery, and investment.
b. high taxes, an expansion in the size of government, and restrictions on investments by foreigners.
c. rapid expansion in the supply of money, trade restrictions, and government licensing of business activities.
d. free and open elections and politicians who are willing to place the general welfare of the populace above their political ambitions.
A
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Diminishing returns means that
A) each additional unit of labor produces successively more real GDP. B) hiring more labor must lower the real wage rate. C) each extra unit of real GDP produced requires less labor. D) hiring more labor results in less real GDP. E) each additional unit of labor produces successively less real GDP.
The demand curve for petroleum should be
A) more elastic in the long run than in the short run. B) less elastic in the long run than in the short run. C) as elastic in the long run as it is in the short run. D) more or less elastic in the long run versus the short run depending upon supply conditions.