What were the major reasons for the lack of sustained growth before modern times?
What will be an ideal response?
There were two main reasons for the lack of sustained growth before modern times. These were:
a) The pace of technological change before the year 1800 was slow and almost stagnant compared to what came thereafter.
b) Whatever improvements in income or GDP were realized went to feed an increasing population rather than in an attempt to increase the GDP per capita.
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An increase in investment can lead to a greater increase in aggregate demand if the value of the spending multiplier is: a. greater than 1
b. less than 1 but more than zero. c. negative. d. exactly equal to zero. e. exactly equal to one.
Which of the following is the most likely candidate for a decreasing-cost industry?
a. airlines b. oil c. construction d. computers
In perfect competition, P = MC means
A. Price equals market cost. B. Price equals marginal cost. C. Profit equals market cost. D. Profit equals marginal cost.
What is the percentage of income received by the upper two quintiles on line L?
