For the world, what period of time experienced the fastest growth rate of real GDP per person?
A) between 1000 A.D. and 1500 A.D.
B) around 500 B.C.
C) after about 1850 A.D.
D) around 400 A.D.
E) between 1500 A.D. and 1850 A.D.
C
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Entrepreneurs
A. receive most of their income through inheritance. B. receive interest payments for their services. C. take risks in order to earn profits. D. are unemployed except during economic boom periods.
Which of the following is not an advantage of the chain weighted CPI over the fixed CPI?
a. the chain-type index includes newer products b. the chain index incorporates the increase in the quality of goods c. the chain index includes discounting and the substitution of products d. the chain index includes the price of the product only at standard prices
The largest source of income for banks is
a. the interest received from loans b. fees charged to customers for accounts c. money deposited in savings accounts d. fees charged on credit cards
Under the conditions of monopolistic competition:
A. prices are always lower in the long run than in the short run. B. firm profits are always higher in the long run than in the short run. C. average costs of production are always higher in the short run than in the long run. D. None of these is correct.