The two traumatic events which disrupted China's economic development in the late 1950s and mid-1960s were the _________________________ and the _________________________.
Fill in the blank(s) with the appropriate word(s).
Great Leap Forward; Cultural Revolution
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With respect to Friedman's natural rate theory, expansionary monetary policies can
a. move output above the natural rate but leave unemployment at the natural rate in the short-run. b. only affect inflation and not unemployment in the long-run. c. leave output at its natural rate with a simultaneous decrease in the natural rate of employment. d. move output and employment below the natural rate.
Happy Cows is a dairy farm that is currently earning $100,000 in economic profit. The managers of Happy Cows are considering adding a second dairy farm, which will generate an additional $40,000 in economic profit. It is economically sound for the managers of Happy Cows to add the second farm if, after accounting for the managerial diseconomies, the first farm's economic profits exceed ________.
A) $30,000 B) $60,000 C) $40,000 D) $10,000
Most studies indicate that the degree of income inequality in the United States has
a. been increasing in recent decades. b. been declining in recent decades. c. been constant since 1970. d. fluctuated widely from year to year.
If after a country experiences capital flight, people become more confident about the safety of its assets, then in that country
a. the real exchange rate and the real interest rate will rise. b. the real exchange rate will rise and the real interest rate will fall. c. the real exchange rate will fall and the real interest rate will rise. d. the real exchange rate and the real interest rate will fall.