Explain why growth is not necessarily synonymous with development
What will be an ideal response?
Growth is not necessarily synonymous with development because it may be difficult to transform growing output into economic benefits that reach most of a nation's people. Growth measures changes in income, whereas development measures the increase in the well-being of a nation's citizens. Economic development covers factors such as health and education.
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A rightward shift of the labor demand curve during a recession due to a government policy leads to ________ if wages are flexible
A) a fall in prices B) a decrease in real wages C) a fall in interest rates D) an increase in employment
Classical economists and monetarists believe that the investment curve is
a. vertical b. steep to reflect the view that changes in investment are relatively insensitive to changes in the interest rate c. steep to reflect the view that changes in investment are very sensitive to changes in the interest rate d. unrelated to the interest rate e. relatively flat to reflect the view that changes in investment are sensitive to changes in the interest rate
The graph shown demonstrates a tax on buyers. Once the tax has been imposed, the sellers produce ________ units and receive ________ for each one sold.
A. 6; $34 B. 9; $18 C. 9; $30 D. 6; $22
Regulatory policies requiring lenders to extend more low down-payment loans to higher-risk borrowers along with the Fed's low short-term interest rate policy during 2002-2004 caused
A) housing prices to fall during that period. B) mal-investment, that is, excessive investment in housing construction during 2002-2005. C) a subsequent increase in interest rates that led to a housing boom. D) a reduction in housing construction during 2002-2005.