Mass production was made possible by mass consumption, a national market and international trade
Indicate whether the statement is true or false
True
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Which of the following is a measure of economic growth that is most useful for comparing changes in standards of living?
A. increases in real GDP B. increases in real GDP per capita C. growth in nominal GDP D. decreases in the rate of unemployment
Explain the differences between positive economic analysis and normative economic analysis. Which of these approaches do economists generally adhere to and why?
What will be an ideal response?
Which of the following is NOT an advantage of a correctly specified structural model?
A) Structural models may help us to more accurately predict the effect that monetary policy has on economic activity. B) A structural model provides more pieces of evidence about monetary policy's effect on economic activity. C) Structural models may allow economists to more accurately predict the impact institutional changes have on the link between monetary policy and income. D) A structural model imposes no restrictions on the way monetary policy affects the economy.
Which of the following is true about perfect competition?
a. Since a perfectly competitive seller can sell all he wants at the market price, her demand curve is horizontal at the market price over the entire range of output that she could possibly produce. b. Because perfectly competitive markets have many buyers and sellers, each firm is so small in relation to the industry that its production decisions have no impact on the market. c. Perfectly competitive markets have easy entry and exit. d. All of the above are true about perfect competition.