What are the three main conclusions that can be drawn from an analysis of growth rates for developed countries?
What will be an ideal response?
There are three main conclusions. First, standards of living have increased significantly since 1950. Second, growth rates of output per capita decreased starting in the mid 1970s. And third, the levels of output per capita have tended to converge over time.
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An increase in bond prices is usually accompanied by
A. an increase in the opportunity cost of holding money. B. an increase in the quantity demanded of money C. a decrease in the quantity demanded of money. D. an increase in interest rates.
What are the two important properties of all models?
What will be an ideal response?
Who ends up paying when sunk costs are incurred as a result of erroneous forecasting?
A) No one pays them because they are sunk. B) The consumer, because they eventually show up as higher prices. C) The government, since they fall evenly on the entire community. D) The taxpayer, because they produce a decline in assessed valuations. E) Whoever invested in the unsuccessful project.
According to the above table, a surplus exists when
A) the price is $1 per unit. B) the price is $2 per unit. C) the price is $3 per unit. D) the price is greater than $3 per unit.