According to Piketty, economic history is the story of a race between:
a. capital accumulation
b. population growth
c. technological progress
d. all of the above
e. a and c only
d
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You make a loan to the government of $100. The government promises to pay you back some sum of money in two years. The interest rate will be 4 percent over that period, but inflation will be 4 percent. How much will you require that the government pay you in two years in the absence of any inflation? With inflation?
What will be an ideal response?
Equilibrium in the economy means
A) unemployment is zero. B) quantities demanded and supplied are equal in all markets. C) prices are not changing over time. D) tax revenues equal government spending, so the government has no budget deficit.
If the price of automobiles were to decrease substantially, the demand curve for public transportation would most likely
A) shift right. B) shift left. C) remain unchanged. D) remain unchanged while quantity demanded would change.
Normative economics is concerned with
A) value judgments. B) opinions. C) cause-effect relationships. D) observations that can be proved. E) both a and b