Historically, real income per person:
A. barely changed at all until the 1800s but began to increase after.
B. has steadily increased at an average rate of 2 percent
C. has barely changed at all worldwide.
D. barely changed at all until the 1500s but began to increase after.
Answer: A
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The markups restaurants apply to various items are heavily influenced by the price elasticity of the demand for each item
Indicate whether the statement is true or false
This graph depicts the demand for a normal good.
A shift from B to A in the graph shown might be caused by:
A. a decrease in the good's price.
B. an increase in the good's price.
C. a decrease in the price of a substitute.
D. an increase in the price of a substitute.
Which of the following is an example of an automatic stabilizer?
a. Decrease in tax rates by Congress in times of unemployment b. Decrease in tax rates by Congress in times of inflation c. Increase in government defense spending during war d. Increase in unemployment compensation during recession e. Decrease in welfare programs during inflation
Fine-tuning is most consistent with which school of economic thought
A. Keynesian or Modern Keynesian economics. B. Marxism. C. Monetarism or new classical economics. D. Supply-side economics or new classical economics.