Modern economics growth was made possible by Group of answer choices Technological advances in all areas of the world in the 1800’s A greater supply of labor for agricultural activities in Western Europe The technological advances of the industrial revolution in the 1800’s Governments’ promotion of equality amongst the population in Western Europe
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Economic growth in a country occurs when more output can be produced within a specific time period. It is related to the concept of standard of living. When the inputs such as land, labor, capital, and enterprise are efficiently used, it causes an increase in the economic growth of a country.
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- Increases in the amount of human capital in theeconomy tend to _________ real incomes becausethey increase the _________ of labor.a. increase; bargaining powerb. increase; productivityc. decrease; bargaining powerd. decrease; productivity10. Which one the following represents a theory for the long-term?a. Theory of factor endowmentsb. A theory of comparative advantagec. A theory based on the product cycled. An overlapping demand theoryDetermine whether each of thefollowing would increase or decrease the opportunity costs formothers who choose not to work outside the home. Explain youranswers.a. Higher levels of education for womenb. Higher unemployment rates for womenc. Higher average pay levels for womend. Lower demand for labor in industries that traditionally employlarge numbers of women
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- Which is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier respective impacts on the rate of the nation's economic growth b) the effect of government regulations on car emissions c) the decision by Mc Donalds to hire fewer workers becuase of an increase in the minimum wage d) the stock market plunges by 1000 points due to uncertaintyWhich was a theory introduced by Adam Smith?Select one:a. Theory of Population.b. Theory of Market Gluts.c. Theory of Economic Development.d. Theory of Income Distribution. Which one was true about Hesiod's thought?Select one:a. Because of unlimited resources, choices had to be made between work and leisureb. Basic economic problem was limited resourcesc. Efficient management required effective leadershipd. Trade was an inferior way of acquiring wealth Which was not a true statement to refer to the economy environment before AD 1500?Select one:a. Strong national statesb. Self-sufficient economyc. Money and credit were not widely usedd. There was little trade Which was not one of the major tenets of the Classical School?Select one:a. Self-interested economic behavior.b. Economic analysis such as Theory of Rent.c. Total government involvement.d. Harmony of interests. Which was not one of the economic justices discussed by Aristotle?Select one:a. Retributive justiceb. Distributive…Question 1Define the difference between following terms :i) Microeconomics versus Macroeconomicsii) Normative statements versus positive statementsiii) Change in Supply versus change in quantity suppliediv) Law of Demand versus law of supplyv) Determinants of Demand versus determinants of Supplyvi) Opportunity cost versus Marginal costvii) Price Elasticity of Demand versus Cross-Price Elasticity of Demand.viii) Perfect competition versus competitive marketsix) Invisible hand theory versus price controlsx) ‘Free lunch’ versus ‘there’s no such thing as free lunch’xi) ‘How people make decisions’ versus ‘How people interact’ Note: kindly answer the all above terms with example if you want upvote for your answer thanks
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