The countries that dominated world manufacturing in the 1700s were overtaken by 1900 and are now considered struggling nations. Economic structuralists say this happened because Europe developed its economy by
a. establishing capital markets for technologies and industries.
b. creating political systems that encouraged innovation and investment.
c. conquering and impoverishing the rest of the world.
d. letting commerce flourish rather than controlling it.
c. conquering and impoverishing the rest of the world.
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Nonactivists of the policies believe that
A) wages and prices are very flexible. B) the self-correcting mechanism is very rapid. C) government action is unnecessary. D) all of the above.
Less of an economy's resources will be channeled into building new factories and equipment when: a. interest rates are high
b. households decide to save more of their income. c. firms are optimistic about their future profits. d. aggregate income increases. e. an economy has a trade deficit.