Sustained economic growth and rising living standards was first made possible because of the _____________.
Fill in the blank(s) with the appropriate word(s).
industrial revolution
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If the United States imposes a tariff on foreign chocolate, how are U.S. buyers of chocolate affected?
A) Their demand for chocolate increases because the U.S. production chocolate increases. B) The price they pay for chocolate falls, but they consume less chocolate because less is imported. C) The quantity they consume is unchanged. D) The price they pay for chocolate falls, and they consume more chocolate. E) The price they pay for chocolate rises.
Which of the following is a possible impact of a global savings glut on a small open economy?
A) interest rate would increase B) interest rate would decrease C) domestic savings would increase D) domestic investment would increase
If people attempt to sell bonds because of excess money demand, then the interest rate will:
a. rise. b. fall. c. remain unchanged d. react unpredictably.
Balancing the federal budget over the business cycle requires
A. deficits incurred during economic slumps that are offset by surpluses during economic booms. B. raising taxes and cutting spending during stagflation. C. rapid increases in the national debt during national emergencies. D. matching deficits and surpluses each time Earth orbits the sun. E. that the national debt grow only as fast as GDP grows.