The period starting around 200 years ago is important in economic history because this is approximately the time when
a. economies started to decline, resulting in lower standards of living.
b. money was invented.
c. economic growth began in some countries, resulting in sustained improvements in the standard of living.
d. the world caught up to the standard of living of ancient Rome.
c. economic growth began in some countries, resulting in sustained improvements in the standard of living.
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Refer to Figure 11-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) the per-worker production function will shift up every year there is increase in capital per hour worked. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) real GDP per hour worked will be lower in 2016 than it was in 2012.
In general, the relationship between democracy and economic growth as demonstrated by the HPAEs is that
A) democratic nations grow faster than undemocratic nations. B) democratic nations grow slower than undemocratic nations. C) there does not seem to be a relationship between democracy and economic growth. D) democracies are much more variable in their rates of growth than undemocratic nations. E) democracies are much less variable in their rates of growth than undemocratic nations.
Which of the following decisions best reflects marginal thinking?
a. deciding to get married b. starting a new business c. attending graduate school d. switching phone carriers
The government a new source of revenue from its ownership of natural resources that is likely to be permanent. As a result, the government surprises everyone by cutting taxes. In response, Jeff increases his spending this year by $1000 and next year by $1000, as well. He spreads his increased spending over time because of
A. the substitution effect. B. the consumption-smoothing motive. C. the real interest rate being positive. D. the Phillips curve.