According to Angus Madison, a leading authority in the area, world per capita GDP
a. increased by about 50 percent during the 800 years following year 1000 . but it increased by nearly tenfold during the past 200 years.
b. increased by nearly tenfold during the 800 years between 1000 and 1813, but it increased by only 50 percent during the past 200 years.
c. has grown steadily during the past 1000 years.
d. Grew at an annual rate of more than 2 percent during 1000-1813, but the annual growth rate has declined as the population increased during the past 200 years.
A
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A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n):
a. increase in long-run aggregate supply. b. increase in short-run aggregate supply. c. decrease in the aggregate demand. d. simultaneous outward shift of the aggregate demand and supply curves. e. decrease in the short-run aggregate supply.
The two basic reasons why a monopoly exists are barriers to entry and cost advantages.
Answer the following statement true (T) or false (F)
The demand for firewood is likely to be more elastic in the summer than in the winter
Indicate whether the statement is true or false
Which of the following shifts aggregate demand to the right?
a. an increase in the price level b. an increase in the money supply c. a decrease in the price level d. a decrease in the money supply