Which of the following statements is NOT true about economic growth?
A) Growth is measured as the overall level of real GDP.
B) Growth generally means that overall the members of the nation are better off materially.
C) When growth occurs the production possibilities curve shifts outward.
D) Growth represents an increase in a nation's productive capacity.
A
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What does the supply curve for Mexican pesos tell us?
a. The number of pesos people will want to sell at each different exchange rate b. The number of pesos people will want to sell at each level of output c. The number of pesos people will want to buy at each different exchange rate d. The number of pesos people will want to buy in each different time period e. The number of pesos people will want to sell at each different interest rate.
Which of the following is the fallacy in the fallacy of composition?
A. Whatever goes up must come down B. Facts are more important than theories C. What is true for the part is necessarily also true for the whole D. If event B occurs after event A, event A must have caused event B