Answered: a) The relationship between the amount…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Costs And The Supply Of Goods

Section: Chapter Questions

Problem 10CQ

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Reply to parts a-d

a) The relationship between the amount of inputs used in production and the amount of output produced is called an output function.

False

True

b) Which factor would be captured in total factor productivity?

an increase in infrastructure spending

greater educational attainment

increased extraction of natural resources

the impact of a hurricane

c) Countries with high inflation rates cannot have high rates of economic growth.

False

True

d) Financial stability helps to improve standards of living and generate economic growth.

True

False

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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