According to Hughes and Cain (2011), American economic history is the story of economic growth. Economic growth
(a) necessarily means an improvement in the quality of life for all individuals.
(b) does not necessarily measure an improvement in the quality of life; it merely indicates the potential for improvement.
(c) as conventionally measured considers an employed person living in the pollution and congestion of modern Tokyo to be "worse off" than a sun-tanned artist watching another glorious sunset on the beach in Tahiti.
(d) is measured by the increases in total output of goods and services less any environmental destruction that occurs in the process of production.
(b)
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According to the "wealth effect," when the ________ falls, the ________ rises
A) price level; the real value of household wealth B) price level; the nominal value of household wealth C) inflation rate; nominal value of household assets D) unemployment rate; average level of household income
The U.S. population growth rate in the first half of the 19th century was
a. about the same as that of most European countries. b. lower than that of most European countries. c. much higher than that of most European countries. d. sporadic—sometimes high and sometimes low.
If Camila's income rises by 20 percent, and, as a result, she purchases 40 percent more dresses, her income elasticity for dresses is
a. 0.5. b. 1.0. c. 2.0. d. Not enough information is given to answer this question.
The desired level of inventories is the level at which the extra cost (in lost sales) from lowering inventories by a small amount is
A. greater than the extra gain (in interest revenue and decreased storage costs). B. just equal to the extra gain (in interest revenue and decreased storage costs). C. zero. D. less than the extra gain in (in interest revenue and decreased storage costs).