Which of the following statements is true of world GDP before 1800?
A) The entire world population was living above the subsistence level of income.
B) The GDP per capita in all nations was less than $500.
C) Most of the countries were growing at a rate of more than 6% per year.
D) Increase in GDP resulted in increase in consumption but not investment.
D
Economics
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Pollution
A) creates a negative externality. B) is increased when property rights are defined. C) is the result of capitalism. D) exists because air and water are privately owned resources.
Economics
If information is asymmetric, explain why the hire contract is not efficient in production and a moral hazard exists, but the fixed fee to the principal contract is efficient and does not pose a moral hazard problem
What will be an ideal response?
Economics