The textbook says that which of the following is among the key forces shaping today's economy?
A. Political scandals
B. Globalization
C. Increasing income inequality
D. Government regulations
Answer: B
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In a small country, the adult population equals 5,000. There are 4,000 people in the labor force and 3,000 people are employed. The labor force participation rate equals
A) 25 percent. B) 80 percent. C) 30 percent. D) an undetermined amount given the lack of information.
The curve that indicates how far actual income distribution differs from a perfectly equal income distribution is called the
a. Lorenz curve. b. Garibaldi curve. c. GDP. d. Herfindahl Index curve.
Budget projections for 2014-2020 indicate both higher levels of government spending and large budget deficits. According to the Keynesian view, this will lead to
a. an increase in aggregate supply during that decade. b. weak aggregate demand and a continuation of recessionary conditions. c. an increase in aggregate demand and real output. d. higher interest rates and taxes that will retard future growth.
The Industrial Revolution was important to the history of economic systems because it:
A. concentrated wealth in the hands of a few noblemen who then controlled the land in their region, creating a feudal system. B. increased the wealth of merchants and artisans and eventually led to a change in economic systems to mercantilism. C. changed the way people exchanged goods-from barter to using money as a medium of exchange. D. increased the power of capitalists and eventually led to a revolution instituting capitalism as the dominant economic system.