If the Growth Rate of Resources Is Zero and Real

question 41

Multiple Choice

If the growth rate of resources is zero and real output is growing at 4 percent, then _____.

• A)the stock of capital has fallen by 4 percent
• B)economic growth has fallen by 4 percent
• C)total factor productivity has risen by 4 percent
• D)the stock of labor has fallen by 4 percent
• E)the percentage share of real GDP received by capital has fallen by 4 percent

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Definitions:

Elastic Demand

A situation where the quantity demanded of a good or service significantly changes in response to a change in price.

Total Revenue

The total amount of money generated by the sale of goods or services, calculated as the unit price multiplied by the quantity sold.

Delicatessen

A store or section of a grocery store selling cured meats, cheese, and other specialty food items.

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in its price.