From the Industrial Revolution to the present, innovation has played a major role in the growth of output. What do the leading analysts of economic growth argue were some of the most significant innovations of this period?
What will be an ideal response?
Leading analysts of economic growth argue that some of the most significant innovations were electricity, use of radio waves to transmit sound, discovery of the new technique for refining iron, products such as the automobile, airplane, transistor, integrated circuit, and computer.
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If a person's compensated demand (or MWTP) curve is perfectly vertical, the good is borderline between regular inferior and Giffen for this consumer.
Answer the following statement true (T) or false (F)
Refer to Figure 13-1. Ceteris paribus, an increase in the growth rate of domestic GDP relative to the growth rate of foreign GDP would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Figure 6-1
In Figure 6-1,
A. D1 is more elastic than D2 below P2 and less elastic above P2. B. D1 is less elastic than D2 at all prices. C. D2 is less elastic than D1 at all prices. D. D2 is more elastic than D2 above P2 but less elastic below P2.
A currency's spot exchange rate against every other individual currency is known as a ________ exchange rate, and the exchange rate which shows how a currency is changing relative to a group of other countries' currencies is known as a ________
exchange rate. A) nominal; real B) unilateral; bilateral C) nominal; parity D) bilateral; multilateral