The major reason for the twists, turns, and spurts in the economy's growth path, according to real business cycle theorists, is
a. interest rate fluctuations
b. wars
c. housing shortages
d. a climatic change
e. year to year changes in the pace of technological change
E
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According to this Application, clear property rights
A) hinder economic growth in developing nations. B) have no impact on the economic growth of developed nations. C) are important for economic growth in developing and developed nations. D) are important for economic growth in developed nations, but not in developing nations.
The "Superbowl Effect" mentioned in your textbook is considered a fallacy or a mistake in reasoning because it's wrong to believe
A) one event always causes another to happen if it comes before the other. B) if you gain, I must lose. C) the whole must always be equal to the sum of its parts. D) what is true in one society will always be true in all societies. E) whatever goes up must come down again.