Which two things happened more or less simultaneously to bring an end to the era of low productivity growth that lasted from 1973 to 1995?
A. The information revolution and a great expansion of globalization
B. The information revolution and the creation of the Environmental Protection Agency
C. The entry of the baby boom generation into the workforce and the creation of the Environmental Protection Agency
D. The entry of the baby boom generation into the workforce and a great expansion of globalization
Answer: A
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A dominant strategy can best be described as
A) a strategy taken by a dominant firm. B) the strategy taken by a firm in order to dominate its rivals. C) a strategy that is optimal for a player no matter what an opponent does. D) a strategy that leaves every player in a game better off. E) all of the above
Some economists argue that there is no such thing as a short-run Phillips curve. Who are these economists and what is their argument?
Adam Smith's invisible hand principle stresses the tendency of
A) government regulation to bring the self interest of individuals into harmony with the economic welfare of society. B) compassion to encourage productive economic activity. C) the competitive market process to direct self-interested individuals into activities that enhance the economic welfare of society. D) self-interested individuals to pursue activities that benefit themselves, but harm the overall economic welfare of society.
If two firms use a tit-for-tat scheme to maintain cartel pricing, and one firm chooses a low price in the current time period, then:
A. that firm will also choose a low price in the next time period. B. that firm will also choose a high price in the next time period. C. the other firm will choose a low price in the next time period. D. the other firm will choose a high price in the next time period.