Question

In: Economics

1.Growth in the standard of living is measured by the increase in Group of answer choices...

1.Growth in the standard of living is measured by the increase in

Group of answer choices

employment.

real GDP.

the Rule of 70.

consumption.

real GDP per person.

2.The productivity curve

Group of answer choices

is vertical.

has a positive slope.

is U-shaped.

is horizontal.

has a negative slope.

3.For economic freedom to exist,

Group of answer choices

money must be free.

democracy must exist.

copyright laws must be abolished and markets supervised by the government.

property rights must be protected and markets must be free.

human capital must be given away free.

Solutions

Expert Solution

1. Growth in standard of living is measured bg real GDP per person. It is basically real GDP divided by population. So it gives us the idea of income per person on a macro level. Best way to measure standard of living of a country

2. Total productivity curve is U shaped. It is inverted U. First the slope is positive, then 0, and then negative. It shows how producyivity of an economy works.

3. For economic freedom to exist, property rights must be protected and markets must be free. People can therefore claim what is rightfully theirs and markets must be free to operate. No barriers on entry or exit of members of the markets.

Rahul Sunny answered 2 years ago
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