Refer to Table 22-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
These statistics for selected industrial economies are consistent with the economic growth model. The countries with the lowest levels of real GDP per capita in 1960 had the fastest growth rates between 1960 and 2000. The countries with the highest levels of real GDP per capita had the slowest growth rates.
You might also like to view...
Probably the most important source of efficiency in production is
A. investing in more capital goods. B. consuming rationally. C. expanding the production possibilities frontier. D. increasing inputs of energy and raw materials. E. the specialization of labor.
People must make choices because
A) most people enjoy shopping. B) of scarcity. C) there are many goods available. D) the question "What goods and services are produced?" is not adequately answered. E) making choices is in the social interest.
To fight inflation, the government may
a. decrease aggregate demand, which will also lead to lower unemployment rates. b. increase aggregate demand, which will also lead to lower unemployment rates. c. increase aggregate demand, which will also lead to higher unemployment rates. d. decrease aggregate demand, which will also lead to higher unemployment rates.
What are the four phases of the business cycle.
What will be an ideal response?