What are the main characteristics of modern economic growth? What is the effect of modern economic growth on the cultural, social and political arrangements of our times?
What will be an ideal response?
Modern economic growth is characterized by sustained and ongoing increases in living standards that can cause dramatic increases in the standards of living within less than a single human lifetime. Modern economic growth has had significant cultural, social and political effects. For example, the amount of time for leisure and arts has considerably increased in recent times, ancient social norms and legal restrictions against women and minorities have been largely eliminated, and democracies have replaced other more extreme types of political arrangements.
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In a recession, the trade balance often improves because
a. service exports exceed manufactured good exports b. banks sell depressed assets c. fewer households can afford luxury imports d. direct investment abroad declines e. the capital account exceeds the current account
Cory has just graduated from veterinary school. He can earn $40,000 working at a small animal clinic or $50,000 working with farm animals and horses where the risks of getting injured by an animal are higher. The higher salary to work with larger animals is an example of
a. a compensating differential. b. signaling theory. c. an efficiency wage. d. efficient union bargaining.