The political structure that is most consistent with economic growth and progress is
What will be an ideal response?
limited government, protection of individuals from aggression by others, and decentralized political decision-making.
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An increase in Todd's wealth from $2 million to $4 million raises his utility from 400 units to 500 units. If he has a utility of wealth curve with the typical shape showing risk aversion, then with a wealth of $6 million his utility might be
A) 500 units. B) 570 units. C) 600 units. D) 620 units.
In the long run, the Federal Reserve can control which of the following?
A) the unemployment rate B) the growth rate of real GDP in the economy C) the inflation rate D) the natural rate of unemployment
There is a famous economics saying that argues "if diminishing marginal productivity never set in then the world could be fed from a flower pot." Explain what this means economically
What will be an ideal response?
The Fed pays banks interest on bank deposits held on reserve at the Fed
Indicate whether the statement is true or false