A country with high economic growth:
A. will definitely experience high economic development.
B. will never experience high economic development.
C. may not experience economic development without attention paid to policy actions.
D. not necessarily will experience high economic development.
Answer: C
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The text compares two studies on the profitability of slavery: one by Phillips and the other by Conrad and Meyer. The main reason for the difference in their results is:
a. Phillips failed to account for the effect of productivity gains in the concerned period. b. Conrad and Meyer had better data on slave prices. c. Conrad and Meyer used data from both northern and southern farms. d. Phillips assumed that cotton prices were falling during the antebellum period.
The monetarist assumption that monetary policy cannot change long-run equilibrium income is based on the idea that:
a. the long-run aggregate supply curve is horizontal. b. the long-run Phillips curve is vertical. c. the price level in the long run is fixed. d. the aggregate demand curve cannot shift. e. the long-run Phillips curve is upward-sloping.
Which of the following is closest to being a full economic union?
A. The North American Free Trade Agreement (NAFTA) B. The Trans-Pacific Partnership C. The Southern Common Market (MERCOSUR) D. The European Union (EU)
In Figure 24.1, the profit-maximizing monopolist will charge a price of
A. C. B. J. C. A. D. L.