What has income per person done during the past 200 years?
What will be an ideal response?
It increased far more rapidly in both developed and less developed countries than during the centuries prior to 1800
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Holding all else constant, if the U.S. government restricts capital outflows, then the equilibrium value of the U.S. dollar will:
A. appreciate B. remain fixed. C. depreciate. D. be determined by the Federal Reserve.
When tastes are quasilinear, the sole reason for the deadweight loss from a per-unit tax is that output falls under the tax.
Answer the following statement true (T) or false (F)
During a period of deflation the purchasing power of the dollar _____.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is most accurate?
a. Most economic historians believe that the policies of the federal government were an important cause of the Great Depression. b. Most economic historians believe rapid increase in inequality caused the Great Depression. c. The US experienced a relative absence of cyclical unemployment and was relatively free from the mass joblessness that had previously plagued the nation. d. More homogenous communities chose to have higher taxes to fund schools.