According to Samuel Huntington, South Korea's economy experienced rapid economic growth because South Koreans valued thrift, investment, education, and discipline
On the other hand, Ghana's economy did not grow as fast because the country had different social values. This argument claims that:
A) geographical location is a fundamental cause of prosperity.
B) culture is a fundamental cause of prosperity.
C) institutions are a proximate cause of prosperity.
D) institutions are a fundamental cause of prosperity.
B
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All of the following are reasons why China is unlikely to maintain high enough rates of productivity growth to catch-up with the standard of living in the United States except
A) because of the low birth rate in China, the labor force will soon decline. B) much of China's growth is likely due to the transition from a centrally-planned economy to a market economy. C) the Chinese migration of rural workers to more productive urban jobs. D) the United States invests more in research and development. than does China.
Andrea Schwatz has argued that the Great Depression was caused by
a. the fall in the stock of money. b. the fall in consumer durable spending. c. the fall in investment spending. d. the increase in nominal wages.
The law of demand states that, ceteris paribus, an increase in
a. price causes quantity demanded to increase. b. price causes quantity demanded to decrease. c. quantity demanded causes price to increase. d. quantity demanded causes price to decrease.
One way fiscal policy affects aggregate demand is:
A. directly through tariffs. B. directly through government spending. C. directly through taxation. D. All of these are true.