The reversal of fortune can be attributed to the fact that:
A) economic institutions in European colonies were inclusive in all nations.
B) economic institutions in European colonies were extractive in prosperous nations and inclusive in other nations.
C) economic institutions in European colonies were extractive in all nations.
D) economic institutions in European colonies were inclusive in prosperous nations and extractive in other nations.
B
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The short-run macro model
a. is an attempt to explain why the economy tends to perform better in the short run than in the long run b. was developed during the Great Depression to explain the economy's continuing poor performance c. lost its popularity during the 1950s d. was developed during the early 19th century e. explains the forces that work to drive the economy to full employment
Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A) There will be scalpers outside the arena selling tickets for $480. B) There will be a surplus of tickets. C) The market clearing price of the tickets is less than $480. D) The market clearing price of the tickets is more than $480.