The period since the Industrial Revolution has been extraordinary because despite unprecedented:
A. Population growth, there has been a substantial increase in the standard of living in
industrialized nations
B. Population growth, there has been a substantial decrease in the productivity in
industrialized nations
C. Declines in economic efficiency, there has been a rise in the standard of living in
industrialized nations
D. Declines in economic efficiency, there has been a rise in population growth in industrialized
nations
A. Population growth, there has been a substantial increase in the standard of living in industrialized nations
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If the aggregate supply curve is the horizontal an increase in government spending will result in which of the following?
A) Increase/Increase B) Increase/No change C) Increase/Decrease D) No change/Increase E) No change/No change
Lionel's Lawn Care is a company that maintains residential yards. Lionel's cost for his standard package of mowing, edging, and trimming is $15, and he charges $25 for this service. For a total price of $40, Lionel will also trim shrubs, a service that
adds an additional $10 to the total cost of the standard package. What is Lionel's marginal cost of adding the shrub-trimming service to the standard package? A) $10 B) $15 C) $25 D) $40