What are the main characteristics of modern economic growth? What is the effect of modern economic growth on the cultural, social and political arrangements of our times?
What will be an ideal response?
Modern economic growth is characterized by sustained and ongoing increases in living standards that can cause dramatic increases in the standards of living within less than a single human lifetime. Modern economic growth has had significant cultural, social and political effects. For example, the amount of time for leisure and arts has considerably increased in recent times, ancient social norms and legal restrictions against women and minorities have been largely eliminated, and democracies have replaced other more extreme types of political arrangements.
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If the rate of inflation overseas falls relative to the rate of inflation in the United States, U.S. net exports will tend to ____, causing the exchange value of the U.S. dollar to ____
a. rise; rise b. rise; fall c. fall; rise d. fall; fall
A move from S4 to S1 is a(n)
A. an increase in quantity supplied.
B. a decrease in quantity supplied.
C. an increase in supply.
D. a decrease in supply.
Aneta has owned an Italian sports car for several years and now she wants to sell it. She paid $8,500 for it in 1993 and she has just sold it for $39,000 in 2015. How is this sale included in the GDP for 2015?
A. $8,500 is included in 2015 GDP. B. $39,000 is included in 2015 GDP. C. The increase in value of $10,500 is included in 2015 GDP. D. It is not included in 2015 GDP.
An economic boom predicts the new equilibrium wage would be:
A. higher because the labor demand curve shifts right. B. lower because the labor demand curve shifts right. C. lower because the labor demand curve shifts left. D. higher because the labor demand curve shifts left.