What are the main characteristics of modern economic growth? What is the effect of modern economic growth on the cultural, social and political arrangements of our times?
Please provide the best answer for the statement.
Modern economic growth is characterized by sustained and ongoing increases in living standards that can cause dramatic increases in the standards of living within less than a single human lifetime. Modern economic growth has had significant cultural, social and political effects. For example, the amount of time for leisure and arts has considerably increased in recent times, ancient social norms and legal restrictions against women and minorities have been largely eliminated, and democracies have replaced other more extreme types of political arrangements.
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Instituting a rent control program will most likely lead to
A) a shortage of rental units. B) overly elaborate and expensive construction. C) an efficient allocation of existing units among consumers. D) an excess quantity supplied of rental units.
When the Fed buys bonds
a. the supply of money increases and so aggregate demand shifts right. b. the supply of money decreases and so aggregate demand shifts left. c. the supply of money decreases and so aggregate demand shifts right. d. the supply of money increases and so aggregate demand shifts left.
Jean Baptiste Say believed in all of the following EXCEPT that
A. Supply creates its own demand. B. People work so that they can save. C. Everything produced in an economy is sold. D. The normal state of economic affairs is full employment.
Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money
A) commodity B) fiat C) electronic D) funny