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