Which of the following statements is most accurate about modern economic growth?
A. Economic historians mark modern economic growth as beginning around A.D. 1500.
B. Modern economic growth is characterized by sustained and ongoing increases in living standards.
C. Modern economic growth has virtually eliminated business cycle fluctuations.
D. Modern economic growth has been distributed more or less equally across nations.
B. Modern economic growth is characterized by sustained and ongoing increases in living standards.
You might also like to view...
The Herfindahl-Hirschman Index is used to ________
A) measure the price elasticity of demand faced by a firm B) estimate the degree of competition in an industry C) measure the price elasticity of market supply in an industry D) estimate the profit earned by firms in an industry
If the government imposes a $3 tax in a market, the buyers and sellers will share an equal burden of the tax
a. True b. False Indicate whether the statement is true or false
Other things the same, which of the following could be a consequence of an appreciation of the U.S. real exchange rate?
a. John, a French citizen, decides that Iowa pork is now relatively less expensive and orders more for his restaurant. b. Nick, a U.S. citizen, decides that the trip to Nepal he's been thinking about is now affordable. c. Roberta, a U.S. citizen, decides to import fewer windshield wipers for her auto parts company. d. All of the above are correct.
If the consumption function is C = 750 + .75Y and there are no income taxes, then the expenditure multiplier is
a) .75 b) .25 c) 4.0 d) 3.0 e) 1,000