According to the Case in Point on economic growth, which pattern describes the historical record on growth?
A) growth has been strong throughout history
B) growth was robust before the Industrial Revolution
C) growth was very strong between 1870 and 1970
D) none of the above
Answer: C) growth was very strong between 1870 and 1970
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Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49The marginal cost if the 4th mug per day is ________.
A. $7 B. $5 C. $8 D. $32
The owner of a scenic waterfall is trying to decide whether to rent the site to a manufacturing firm as an industrial power source or to rent it to a recreational association, which would turn the site into a park and campground
Which of the following statements is true? A) An increase in the price of fossil fuels will increase the cost of renting it to the recreation association. B) Social welfare is maximized when the owner rents to the higher bidder. C) The cost to the owner of renting to one or the other depends entirely upon the owner's preferences between economic growth and recreational facilities. D) The owner can choose without regard to cost because the site is a free natural resource. E) The owner can choose without regard to cost insofar as the waterfall is privately owned.
As was demonstrated in 2007, firms in the shadow banking system
A) were very vulnerable to bank runs. B) were protected from financial ruin by federal deposit insurance. C) were more insulated from the financial crisis than were commercial banks. D) were well insulated from bank runs.
Long-term interest rates are an example of
A) an intermediate target. B) an operating target. C) a monetary policy objective. D) a monetary policy tool.