To Increase Its Economic Growth,a Nation Should

question 245

Multiple Choice

To increase its economic growth,a nation should

• A) limit the number of people in college because they produce nothing.
• B) encourage spending on goods and services.
• C) encourage education because that increases the quality of labor.
• D) increase current consumption.
• E) eliminate expenditure on capital goods.

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Definitions:

Zero Economic Profits

A situation where a firm's total revenues exactly equal its total costs, including opportunity costs, resulting in neither economic profit nor loss.

Monopolistically Competitive

Describes a market structure where many firms sell products or services that are similar but not identical, allowing for competition but also some level of pricing power.

Brand Names

Identifiers given to products by manufacturers to distinguish them from competitors' products.

Consumption Choices

The decisions made by individuals or households regarding which products or services to purchase with their limited resources.