Which of the following statements is true of economic growth and GDP across the world before 1800?
A) There was sustained growth because whatever improvements in GDP were realized were invested in capital equipment.
B) The income per capita in all countries throughout the world was less than $500 per capita.
C) The income per capita in all countries throughout the world was more than $1,000 per capita.
D) There was a lack of sustained growth because the pace of technological change was slow.
D
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Government spending plays no role in meeting our social and public needs.
Answer the following statement true (T) or false (F)
All of the following characteristics are common to both monopolistic competition and perfect competition except
A) firms act to maximize profit. B) firms take market prices as given. C) entry barriers into the industries are low. D) the market demand curves are downward-sloping.
U.S. financial crises begin in a period of ________
A) rising incomes B) adverse selection C) rising uncertainty D) moral hazard
Which of the following is the best example of a stock variable?
a. U.S. GDP in 2008 b. The daily sales of economics textbooks c. Bill Gates' annual salary from Microsoft Corporation d. The total wealth of the 50 richest U.S. citizens e. U.S. government purchases during 2008