Author Question: Is it possible to see gains in a nation's real standard of living without any positive economic ... (Read 77 times)

EAugust · **on:** Jun 29, 2018

Is it possible to see gains in a nation's real standard of living without any positive economic growth?

A) No, a nation's standard of living cannot improve without economic growth.
B) Yes, but only if the government prints more money so people feel rich.
C) Yes, if workers can produce the same level of output in fewer work hours, so that more leisure time could push up the real standard of living.
D) None of the above: Economic growth has nothing to do with a nation's standard of living.

Question 2

In the above figure, the demand curve for Good A shifts from D1 to D2 in Graph A when the price of Good B changes from P1 to P2 in Graph B. We can conclude that

A) Good A and Good B are substitutes.
B) Good A and Good B are complements.
C) Good A is a normal good but Good B is an inferior good.
D) Good A and Good B are unrelated.