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Author Question: How does the growth rate of real GDP contribute to an improved standard of living? What will be ... (Read 503 times)

mikaylakyoung

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on: Jun 29, 2018
How does the growth rate of real GDP contribute to an improved standard of living?
 
  What will be an ideal response?

Question 2

Suppose Mexico and the United States are on the gold standard. If there is a half an ounce of gold in the dollar, and one quarter an ounce of gold in the peso, then the exchange rate is
 
  A) 0.50 = 1/2 peso.
  B) 1 = 1/4 peso.
  C) 1 = 2 pesos.
  D) 1 = 4 pesos.
  E) 1 = 1/2 peso.


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dyrone

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A benefit of long-term economic growth is the increased consumption of goods and services that is made possible. Growth of real GDP also allows more resources to be devoted to areas such as health care, research, and environmental protection.

Answer to Question 2

C


mikaylakyoung

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Reply #2 on: Jun 29, 2018
Correct answers!


dyrone

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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