Prior to the industrial revolution, except for a few rich families, everyone was _________.
Fill in the blank(s) with the appropriate word(s).
poor
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Cooperation is difficult to achieve in a Prisoners' Dilemma because each player thinks the other player might not cooperate.
Answer the following statement true (T) or false (F)
A current account deficit
A) will not pose a problem, especially if it is accompanied by an expansionary fiscal policy. B) may pose no problem if the borrowed funds are channeled into productive domestic investment projects that pay for themselves with the revenue they generate in the future. C) may still pose a problem, even if the borrowed funds are channeled into productive domestic investment projects. D) There is no relation between current account surplus and between savings and investment. E) will pose a problem because the country is borrowing funds from the rest of the world that it won't be able to pay back later.
Suppose output is $35 billion, government purchases are $10 billion, desired consumption is $15 billion, and net exports are $4 billion. Then desired investment equals
A) $2 billion. B) $4 billion. C) $6 billion. D) $8 billion.
Consumer sovereignty refers to a situation in which there is only one "sovereign" consumer deciding what is to be produced in the market
Indicate whether the statement is true or false