The countries that dominated world manufacturing in the 1700s were overtaken by 1900 and are now considered struggling nations. Economic structuralists say this happened because Europe developed its economy by
a. establishing capital markets for technologies and industries.
b. creating political systems that encouraged innovation and investment.
c. conquering and impoverishing the rest of the world.
d. letting commerce flourish rather than controlling it.
c. conquering and impoverishing the rest of the world.
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As the money wage rate increases,
A) potential GDP increases. B) potential GDP decreases. C) aggregate supply increases. D) aggregate supply decreases. E) aggregate supply and potential GDP do not change.
In the short-run, any rise in the real exchange rate, EP /P, will cause
A) an upward shift in the aggregate demand function and a reduction in output. B) an upward shift in the aggregate demand function and an expansion of output. C) a downward shift in the aggregate demand function and an expansion of output. D) an downward shift in the aggregate demand function and a reduction in output. E) an upward shift in the aggregate demand function but leaves output intact.
Suppose that nuclear power plants are banned. What are examples of the opportunity costs of this decision?
What will be an ideal response?
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours= 1 lb Lbs produced in 24hrs Pork. Tomatoes. Pork. Tomatoes F. 6. 3. 4. 8 R. 4. 4. 6. 6
Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is
a) 1/2 pounds of tomatoes
b) 1/2 hour of labor
c) 2 pounds of tomatoes
d) 2 hours of labor