According to the text, ________ is perhaps the most critical aspect of a country's economic performance.
A. growth in GDP
B. the inflation rate
C. the unemployment rate
D. the living standard
Answer: A
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Assuming relative PPP, fill in the table below:
What will be an ideal response?
In a constant-cost industry, an increase in demand will be followed by
A) no increase in supply. B) an increase in supply that will not change price from the higher level that occurs after the demand shift. C) an increase in supply that will bring price down to the level it was before the demand shift. D) an increase in supply that will bring price down below the level it was before the demand shift. E) a decrease in demand to keep price constant.
The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining:
a. profits in transportation industries as a group. b. profits in railroads compared with canals. c. employment of labor and capital in the transportation sector before and after the railroad. d. inventories of agricultural products held in eastern markets.
Which of the following is(are) the characteristics of a bubble
a. Bubbles emerge when investors disagree about the particular economic importance of an event b. Bubbles involve very large increases in trading volume c. Bubbles may continue even when many expect a bubble and doesn't pop until a sufficient number of skeptical investors act simultaneously d. All of the above