Rapid economic growth:
A. has happened in various places around the world since the 1300s.
B. has occurred since 1500, but backsliding has prevented real growth.
C. is a modern phenomenon, happening only this year.
D. is a modern phenomenon, happening only in the last century or two.
Answer: D
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As the interest rate decreases, the planned aggregate expenditure curve shifts downward.
Answer the following statement true (T) or false (F)
Money is:
A. a proven cognitive bias. B. not fungible, meaning it can be easily exchanged or substituted. C. an alternative to implicit costs. D. fungible, meaning it is easily exchangeable or substitutable.
________ consumption is consumption that depends upon the level of GDP and ________ consumption is consumption that does not depend upon the level of GDP
A) Voluntary; autonomous B) Autonomous; voluntary C) Induced; autonomous D) Autonomous; induced
Lenders must be concerned that borrowers may do risky unauthorized things with the funds they are lent. This is the __________ problem
A) moral hazard B) nondivisibility C) adverse selection D) None of the above.