For many decades prior to the Industrial Revolution, the standards of living in England and China
A.
Remained roughly constant
B.
Increased steadily
C.
Declined substantially
D.
Increased many times over
A.
Remained roughly constant
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The total amount of producer surplus in a market is equal to the area below the supply curve
Indicate whether the statement is true or false
A purely competitive firm does not try to sell more of its product by lowering its price below the market price because:
A. its demand curve is inelastic, so total revenue will decline. B. this would be considered unethical price chiseling. C. its competitors would not permit it. D. it can sell all it wants to at the market price.
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
If the British government wants to peg the dollar per pound exchange rate at $2.50 per pound, what action would British monetary authorities have to undertake?
A. Buy 1 million pounds and sell 1 million dollars B. Sell 1 million pounds and buy 2.5 million dollars C. Buy 1 million pounds and sell 2.5 million dollars D. Buy 6 million pounds and sell 12 million dollars
Housing Starts peaked
A. before the recession of 2007-2009 began. B. in 1999. C. after the recession began in December 2007. D. right as the recession began in December 2007.