Did economic output start growing faster than population from the beginning of the human inhabitation of the earth?
Answer: No, rapid and sustained economic growth is a modern phenomenon.
Economics
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If the Fed were to reduce the legal reserve ratio, we would expect:
A. lower interest rates, an expanded GDP, and a higher rate of inflation. B. lower interest rates, an expanded GDP, and a lower rate of inflation. C. higher interest rates, a contracted GDP, and a higher rate of inflation. D. higher interest rates, a contracted GDP, and a lower rate of inflation.
Economics
Refer to the diagrams. At the profit-maximizing level of employment for this firm, the amount available to pay to nonlabor resources:
A. is 0abc.
B. is 0Wbc.
C. is Wab.
D. cannot be determined.
Economics