Modern economic growth
A.
Started occurring since the time of the Roman Empire
B.
Has been experienced by all countries around the world
C.
Refers to the phenomenon when a country's total output rises
D.
Makes a country's output per person rise at a compounded rate
D.
Makes a country's output per person rise at a compounded rate
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Figure 4.5 shows the supply curves of a non-durable good. A shift from the supply curve S to S' could be caused by:
a. a patent application that restricts the use of a particular production technology. b. a decrease in consumer income. c. an expectation of a higher product price in the future among suppliers. d. an increase in the current price of the product. e. several competing producers going out of business.
If actual real GDP is greater than the equilibrium level of real GDP (i.e., the aggregate expenditure function is below the 45-degree line), how is equilibrium restored?
A closed shop exists when the
a. employer is only permitted to hire union members b. union is the owner of the firm c. union members are not allowed to be hired d. employer can hire nonunion workers, but the workers must join the union within a certain time period e. firm goes bankrupt and workers lose their jobs
When the economy experiences a bust, the government knows exactly which policies will spur an economic recovery
a. True b. False Indicate whether the statement is true or false