1/For a given level of technology, a higher rate of economic growth can probably

Question

1/For a given level of technology, a higher rate of economic growth can probably be achieved only if a country's citizens are prepared to
A/accept lower real wages today in exchange for higher real wages in the future.
B/work longer hours.
C/increase their demand for goods and services.
D/sacrifice some present consumption.

2/An increase in technology will shift the long-run aggregate supply curve to the left.
A/True
B/False

3/The position of the long-run aggregate supply curve is determined by
I/the aggregate production function
II/the labor demand curve
III/the labor supply curve
IV/the prevailing average price level
A/I, II, III, and IV
B/I, II, and III only
C/I and IV only
D/II, III, and IV only

4/The skills, training, and education possessed by workers contribute to economic growth
A/by increasing saving.
B/by increasing the quality of labor.
C/by increasing the quantity of labor.
D/by increasing real wages.

Explanation / Answer

1/For a given level of technology, a higher rate of economic growth can probably be achieved only if a country's citizens are prepared to
A/accept lower real wages today in exchange for higher real wages in the future.
B/work longer hours.
C/increase their demand for goods and services.
D/sacrifice some present consumption.

2/An increase in technology will shift the long-run aggregate supply curve to the left.
A/True
B/False

3/The position of the long-run aggregate supply curve is determined by
I/the aggregate production function
II/the labor demand curve
III/the labor supply curve
IV/the prevailing average price level
A/I, II, III, and IV
B/I, II, and III only
C/I and IV only
D/II, III, and IV only

4/The skills, training, and education possessed by workers contribute to economic growth
A/by increasing saving.
B/by increasing the quality of labor.
C/by increasing the quantity of labor.
D/by increasing real wages.

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