According to Angus Madison, a leading authority in the area, world per capita GDP and life expectancy grew very little until which date?
What will be an ideal response?
1820
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Use the figure below to answer the following question.
If a price ceiling in this market is set at P2, then
A. deadweight loss equals area d. B. no deadweight loss occurs. C. deadweight loss equals area h. D. more information is needed to find deadweight loss.
What generates economic growth?
What will be an ideal response?
Evidence concerning hyperinflation indicates a clear link between the money supply and the price level for
a. Austria in the 1920's. b. Hungary in the 1920's. c. Poland in the 1920's. d. All of the above are correct.
If potential output equals $5 billion and actual output equals $6.5 billion, then this economy has a(n):
A. recessionary gap. B. expansionary gap. C. trade deficit. D. budget deficit.