Before the Industrial Revolution, standards of living differed
A) greatly over time and across countries.
B) little over time, but differed greatly across countries.
C) greatly over time, but differed little across countries.
D) little over time and across countries.
D
You might also like to view...
High-powered money minus currency in circulation equals
A) reserves. B) the borrowed base. C) the nonborrowed base. D) discount loans.
Intermediate goods, like milk sold by a farmer to a supermarket, are
a. included in GDP. b. included in GDP at market value. c. included if it is imported. d. are not included in GDP.
A law establishing a maximum legal price for a good or service is known as
a. an equilibrium price. b. a price floor. c. a price ceiling. d. a price wall.
Crowding out occurs when expansionary fiscal policy leads to
A) a higher money supply and a reduction in net exports. B) a higher money supply and a reduction in the interest rate. C) a higher interest rate and a reduction in private investment. D) a higher price level and a reduction in the money supply.