Which of the following is true? 答案选项组 We desire economic growth because it increases the nation's...

Which of the following is true?

答案选项组

We desire economic growth because it increases the nation's standard of living.

Economic growth is measured by the annual percentage decrease in a nation's real GDP

Structural unemployment and cyclical unemployment are the same thing.

The Real GDP gap is the difference between actual nominal GDP and actual real GDP

Discouraged workers are a reason critics say the unemployment rate is overstated.

Expert Solution

The True answer is A) We desire economic growth because it increases the nation's standard of living.

Economic growth occurs whenever people take resources and rearrange them in ways that are more valuable. A useful metaphor for production in an economy comes from the kitchen. To create valuable final products, we mix inexpensive ingredients together according to a recipe. The cooking one can do is limited by the supply of ingredients, and most cooking in the economy produces undesirable side effects. If economic growth could be achieved only by doing more and more of the same kind of cooking, we would eventually run out of raw materials and suffer from unacceptable levels of pollution and nuisance. Human history teaches us, however, that economic growth springs from better recipes, not just from more cooking. New recipes generally produce fewer unpleasant side effects and generate more economic value per unit of raw material.

Rahul Sunny answered 2 years ago

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