If a nation is going to achieve and sustain a high rate of economic growth, it must
What will be an ideal response?
have a mechanism capable of attracting savings and channeling them into wealth-creating projects.
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Reasons that the recession of 2008-2009 did not become a depression include:
i. The Fed bailed out troubled financial institutions. ii. The government aggressively balanced its budget. iii. The government increased its expenditures, which increased aggregate demand. A) i only B) ii only C) iii only D) i and iii E) i and ii
Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
Refer to Table 4-7. If a minimum wage of $11.50 an hour is mandated, what is the quantity of labor demanded?
A) 40,000 B) 570,000 C) 610,000 D) 1,180,000
If all producers in a market are cartel members, then the demand curve facing the cartel is
A) the market demand curve. B) horizontal. C) identical to the demand curve in the dominant firm model. D) identical to the monopolist's demand curve.