Japan is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States.
b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States.
c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States.
d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.
a
You might also like to view...
Refer to Figure 23-1. At point J in the figure above, which of the following is true?
A) The economy has achieved macroeconomic equilibrium. B) Actual inventories are less than planned inventories. C) GDP will be decreasing. D) Aggregate expenditure is less than GDP.
Recall the Application about the behavior of prices in retail catalogs to answer the following question(s). According to this Application, the prices which were tracked in the retail catalogs exemplified the macroeconomic concept of the short run, a period of time in which:
A. price changes are significant because the aggregate supply curve is vertical. B. prices never change because the aggregate demand curve is vertical. C. prices change frequently because of changes in aggregate supply. D. prices don't change very much, implying that the aggregate supply curve is relatively flat.