Economics

What were the major reasons for the lack of sustained growth before mo

What were the major reasons for the lack of sustained growth before modern times? What will be an ideal response?   ANSWER There were two main reasons for the lack of sustained growth before modern times. These were: a) The pace of technological change before the year 1800 was slow and almost stagnant compared to […]

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Date: September 2nd, 2020

According to Keynesian economics, if there are unutilized resources in

According to Keynesian economics, if there are unutilized resources in the economy and aggregate demand increases A) real GDP will fall and price level will remain constant. B) real GDP will rise and price level will remain constant. C) real GDP will rise and price level will fall. D) real GDP will rise and price […]

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Date: September 2nd, 2020

Over the last twenty years, real GDP in the U.S. economy has increased

Over the last twenty years, real GDP in the U.S. economy has increased and there has been inflation. This indicates that A) aggregate demand has been constant while aggregate supply has increased. B) aggregate demand has increased more than aggregate supply. C) aggregate demand has increased while aggregate supply has been constant. D) aggregate demand […]

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Date: September 2nd, 2020