How has the U.S. growth experience compared to that of Central Europe and Africa? How has compared to the recent experience of Asian nations such as Hong Kong and Singapore
What will be an ideal response?
A persistent gap in the level of real GDP per person has existed between the United States and most other nations in the world. Nations from Central Europe and Africa have consistently grown at a slower rate and have therefore fallen further behind in real GDP per person. An exception to this rule has been the experience of several Asian nations such as Hong Kong and Singapore. These and other Asian nations have experienced, on average, higher growth rates than the United States and so have (partially) closed the gap in real GDP per person.
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Which of the following is a correct conclusion regarding the successful implementation of fiscal policy?
a. Successful fiscal policy would be easy to achieve if Congress would stay out of the economy and permit natural market forces to restore full-employment equilibrium. b. Successful fiscal policy is difficult to achieve because in the real world the investment, net exports, and consumption schedules are constantly shifting. c. Successful fiscal policy is much easier to achieve today because econometric models make economic forecasting much easier. d. As the income-expenditure model suggests, fiscal policy planners can move GDP to any level they please by changing tax and spending levels.
The profit that a monopolist earns represents a loss to society that is measured through deadweight loss
a. True b. False Indicate whether the statement is true or false
When the marginal revenue curve is drawn for a monopolist, the curve
a. is above the monopolist's demand curve initially and then falls below the demand curve. b. is above the monopolist's demand curve for all output levels c. is equal to the monopolist's demand curve at all output levels. d. is below the monopolist's demand curve, beyond the initial unit produced.
Owning a home is a good example of a transferable resource T or F
Indicate whether the statement is true or false.