Which of the following statements is true of the Europeans in the period of colonization?
A) Europeans set up extractive economic institutions in all areas.
B) Europeans set up relatively extractive economic institutions in areas that had greater population densities.
C) Europeans set up relatively inclusive economic institutions in areas that had greater population densities.
D) Europeans set up inclusive economic institutions in all areas.
B
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The gross domestic product of Richland during a particular year was $672,500
If the expenditure on consumption during that year was $220,000, the expenditure on investment was $250,000, the expenditure incurred by the government was $100,000, and exports was $182,000, calculate the value of imports. A) $40,000 B) $79,500 C) $100,750 D) $21,500
Refer to Figure 23-2. Suppose that the level of GDP associated with point K is potential GDP. If the U.S. economy is currently at point N,
A) firms are operating below capacity. B) the economy is in an expansion. C) the level of unemployment is above the natural rate. D) the economy is at full employment.