According to this Application, transformative economic growth, such as that which occurred with the Industrial Revolution, typically requires
A) both participatory and authoritarian political institutions.
B) more authoritarian political institutions.
C) neither participatory nor authoritarian political institutions.
D) more participatory political institutions.
D
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Assume that a country has a domestic demand curve defined as Qd = 100 - 2P and a domestic supply curve defined as Qs = -20 + 3P. What is the country's import demand curve (Qm)?
What will be an ideal response?
If the GDP deflator increases from one year to the next, it can be concluded that the economy has experienced: a. growth
b. stagnation. c. stagflation. d. inflation.
Frictional unemployment comes about because of
A) friction between labor and management. B) a mismatch between skills and available jobs. C) normal labor market turnover. D) a general economic slowdown.
The law of diminishing returns implies that, with the quantity of capital fixed, as the use of labor rises
A) total product will fall eventually. B) the marginal product of labor will fall eventually. C) the total product of labor will fall below the marginal product of labor. D) the production process will become technologically inefficient eventually.