Which of the following does not correctly characterize modern economic growth?
A. It has occurred only in the last 200 or so years.
B. It has not affected the average lifespan of human beings.
C. It drastically alters the culture and politics of society.
D. It spread slowly across the globe, with some societies not having experienced it yet.
Answer: B
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Other things constant, which person is willing to save more?
A) One that has a higher rate of time preference B) One that has a lower rate of time preference C) One that has no rate of time preference D) One that has no consideration about the value of goods now and in the future
Any allocation resulting from a mutually beneficial trade is efficient.
Answer the following statement true (T) or false (F)
During a(n) ________ many firms experience reduced profits, which reduces ________ and investment spending
A) recession; government spending B) recession; cash flow C) expansion; cash flow D) expansion; business confidence
Allocations that are inefficient are sometimes chosen by policy makers as a way of improving fairness.
Answer the following statement true (T) or false (F)