If the institutions in an economy change from being inclusive to extractive, the return-to-entrepreneurship schedule in the economy will:
A) become horizontal. B) shift rightward.
C) become vertical. D) shift leftward.
D
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Recently economists have added what factor as a major explanation of economic growth?
A) the growth rate of labor B) the growth rate in labor and capital productivity C) technology D) the growth rate of capital
Suppose $1 buys 1.20 euros in January and then it buys 1.10 euros in the following December. As a result
A) the dollar has appreciated. B) the euro has appreciated. C) the euro has depreciated. D) both answers A and C are correct.
The opportunity cost of producing in low-income, developing countries rises over the product cycle, according to theory
Indicate whether the statement is true or false
The rise of the modern factory system in England during the late eighteenth and early nineteenth centuries is known as the
A. Wealth of Nations. B. Dark Ages. C. Great Migration. D. Industrial Revolution.