The period of time from 1,000,000 B.C. to 1300 A.D. was a period of Select one: O a. rapid and sustained economic growth. O b. no sustained economic growth. O c. slow and steady economic growth. d. moderate economic growth.

The period of time from 1,000,000 B.C. to 1300 A.D. was a period of Select one: O a. rapid and sustained economic growth. O b. no sustained economic growth. O c. slow and steady economic growth. d. moderate economic growth.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 2SCQ: Explain the difference between property rights and contractual rights. Why do they matter to...

See similar textbooks

Related questions

Q: All of the following are considered factors contributing to economic growth except O Growth in the…

A: (Q1) Economic growth is mainly considered as an increase in the production of goods and services…

Q: Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19…

A: Given; GDP in 2009= 14.89 GDP in 2010= 15.00 Formula to calculate GDP growth:- GDP Growth=Change in…

Q: a. How much more output does the $22 trillion U.S. economy produce when GDP increases by 1.0…

A: Answer a. Amount = $22 trillion Increase in GDP = 1.0 percent = 0.01 Therefore, The U.S. economy…

Q: Which of the following is unlikely to affect the rate of economic growth? O the quality of available…

A: The rate of economy growth will get affected when the next period's rate of economic growth is…

Q: The catch up effect means that countries that start off rich tend to grow more rapidly than…

A: Catch up effect states that a poor country that has low initial growth rate but higher productivity…

Q: Which of the following is true of economic expansions? O Governments can correctly predict the…

A: The answer is - since WWII, developed countries have been expanding in most of the years.

Q: a. What are the ways in which a government policymaker can try to raise the growth in living…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: Which of the following is likely to increase long-run economic growth? O A. Inflation. O B. An…

A: 1) Inflation is a persistent rise in the value of goods and services, which erodes purchasing power.…

Q: If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the…

A: GDP is the value of all final goods and services produced in an economy over a given period of time.…

Q: Suppose that in 2014 China's real GDP is growing at 9 percent a year and its population is growing…

A: here we calculate the time year when real GDP double as follow-

Q: Why does higher worker productivity not necessarily mean GDP per capita will rise? O GDP per Capita…

A: Increased productivity and GDP growth rate are closely linked together but are these are not…

Q: How can we measure growth over the very long run? Te poorest countries in the world have a per…

A: Economic growth refers to the increase in the real value of the total output produced in an economy…

Q: Using the economic data below, Which statement is true? Year GDP in Billions GDP Growth Rate…

A: In an economy, expansionary situation is when an economy is growing it's output more than the…

Q: What are the potential negative effects of growth in recent decades and in the foreseeable future?

A: Since multiple questions are asked, we will answer the first question for you. If you want any…

Q: The twentieth century saw unprecedented growth in and O a) Western Europe; India O b) Western…

A: 32) In the second half of the nineteenth century, the industrial revolution was experienced in many…

Q: The primary measure economists tend to use to measure changing living standards over time is O real…

A: Ans 11.The correct answer is real GDP per capita So we can say that where I think standard of living…

Q: QUESTION 20 Which of the following statements is most accurate about modern economic growth? O a.…

A: * ANSWER :- * The OPTION B is correct answer. * Explanation :-

Q: year, real GDP in Ghana was $50 billion and the population was 38 million. The year before, real GDP…

A: The total gross domestic product (real GDP) is the adjusted inflation rate that reflects the value…

Q: Answer and Explain in Philippine's Context 1. What form or combination of political institutions is…

A: So we can say that where I think political institutions demonstrate that consolidated democracies…

Q: Economic growth may be described as? Select one: O a. An increase in money available to the economy…

A: GDP , also called Gross domestic product, is a standard method used in estimating the level of…

Q: d. Suppose that society decided to reduce consumption and increase investment. i. How would this…

A: PLEASE FIND THE ANSWER BELOW.

Q: per worker (constant dollars) Productivity using 2010 technology $120,000 90,000 E B 60,000…

A: Property rights refers to the rights to use, control and gain the benefits from a good or a service.…

Q: 3. Which of the following is not one of the three terms used to describe and compare the level of…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: President Kwame Nkrumah of Ghana had the Akesombo Dam built on the Volta River. It was expected that…

A: Countries can overcome this stagnation and continue to grow by inventing new technology, according…

Q: . Suppose that society decided to reduce consumptionand increase investment.a. How would this change…

A: An increase in investment and reduction in consumption will boost economic growth in the country. A…

Q: QUESTION 13 A nation's real GDP was $250 billion last year and $265 billion this year. Its…

A: GDP: The GDP or the gross domestic product is the measurement of the final value of goods and…

Q: Identify the type of central economic problem that is related to problem of choice of what to…

A: Economics is the social science that discusses the behavior of different variables that affect the…

Q: At which point is the country's future growth rate likely to be the highest? Briefly explain why. O…

A: The first two questions are already solved so I solved the third. Production possibility frontier: -…

Q: QUESTION 11 Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its…

A: According to rule 70,Doubling time=70iwhere,i=annual growth rate

Q: QUESTION 6 The Solow growth model shows that O A. in the absence of productivity growth, economic…

A: The Solow growth model refers to one of the economic models that explains the economic growth in the…

Q: In 2015, real GDP was SAR 12,247 billion. In 2018, it was SAR13,206 billion. During the same period,…

A: Here we calculate the per person growth and the real GDP growth by using the given information so…

Q: A country faces diminishing marginal returns when increasing it's capital stock. If this country…

A: Diminishing marginal returns is defined as the decrease in production with the addition of more and…

Q: Question 45 Listen The "Solow" growth rate is the rate of economic growth in the long run, or that…

A: Solow growth rate- Solow model of growth rely on the long time period economic growth. In solow…

Q: If a country has a 5% annual growth in Real GDP and the population of that country also rises by 5%…

A: When a country has a 5% annual growth rate in the Real GDP and the population of that country also…

Q: What is the opportunity cost of economic growth? O A. Land. B. Both capital goods and land. OC.…

A: Opportunity Cost is the cost of producing NEXT BEST ALTERNATIVE. For EXAMPLE - Say a person is…

Q: Which of the following statements about the opportunity cost of economic growth is correct? The…

A: The opportunity cost of economic growth is the consumption that's being given up today to have more…

Q: Assuming that real GDP per person is a good measure of living standards, between 2016 and 2017,…

A: Basics:- Real GDP is calculated without inflation impact on output. Standard of living means…

Q: Which of the following is not a determinant of economic growth? O a. Growth in physical capital. O…

A: Economic growth is defined as the process whereby the final goods and services increase in the…

Q: Which of the following will improve with the increase in productivity? O a. Prices O b. None of…

A: As the productivity increases, the standard of living of the people in the economy also increases.

Q: QUESTION 5 In the Solow model, if saving (and investment) per worker initially is less than the…

A: The Solow growth model is the widely applicable growth model because it explains the contribution of…

Q: rate that is and an annual growth rate in real GDP that averages. Select one: O a. less than 10 % ;…

A: The unemployment rate would be close to the natural of unemployment when economy operates at the…

Q: What are the main drivers of economic growth in real incomes per head? b) Why does a higher…

A: Economic growth is often referred to as the increase in real GDP from one period to another. GDP is…

Q: What are the potential negative effects of growth in recent decades and in the foreseeable future?

Q: Suppose the standard of living is accurately measure by real GDP per capita. Then, ceteris paribus,…

A: In an economy, when real GDP per capita is accurately measure standard of living, it explains that…

Q: Consider an economy with an initial real GDP equal to €5000 and an initial population equal to 40.…

A: Gross domestic product (GDP) is the total market value of commodities manufactured in an economy.

Q: ). Economic development is measured by. a) an increase in the aggregate level of output. O b) an…

A: The volume and variety of economic resources, as well as their equal distribution, are all…

Q: What annual growth rate will result in a country roughly doubling its GDP in 10 years? Select one:…

A: Gross domestic product is the value of final goods producing in a territory over a period of time.…

Q: Consider two Solow economies (A and B), exactly identical except that economy A has a higher share…

A: This is a model of exogenous economic growth. It studies how changes in population growth, savings…

Question

The period of time from 1,000,000 B.C. to 1300 A.D. was a period of
Select one:
O a. rapid and sustained economic growth.
Ob. no sustained economic growth.
Oc. slow and steady economic growth.
O d. moderate economic growth.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
Explain the difference between property rights and contractual rights. Why do they matter to economic growth?
Is it possible to have economic growth with no opportunity cost? A)Yes, economic growth requires no current sacrifices-only the passage of time. B) No, but economic growth is always worth whatever sacrifice is required. C) No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow D) No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital tormation and research and development.
c. What is meant by economies of scale and what is the importance of this concept to economic growth? d. Suppose that society decided to reduce consumption and increase investment.i. How would this change affect economic growth? ii. What groups in society would benefit from this change? iii. What groups might be hurt?
. Suppose that society decided to reduce consumptionand increase investment.a. How would this change affect economic growth?b. What groups in society would benefit from thischange? What groups might be hurt?
d. Suppose that society decided to reduce consumption and increase investment.i. How would this change affect economic growth? ii. What groups in society would benefit from this change? iii. What groups might be hurt?
ANSWER B AND C ONLY! a. What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process? c. What is meant by economies of scale and what is the importance of this concept to economic growth?
a) Assume a hypothetical society that decides to reduce consumption (production of consumption goods) and increase investment (production of capital goods). How would this change affect economic growth? What groups in society would benefit from this change? What groups might be hurt? kindly solve all parts
Consider the following data for a particular country. Year 1 Population (Millions) - 400 Real GDP (Trillions of $) - 16 Year 2 Population ( MIllinois ) - 480 Real GDO ( Trillions of $ ) - 24 Instructions: Enter your answers as a whole number. a. What is the growth rate of real GDP from year 1 to year 2 -blank percent b. What is the growth rate of real GDP per capita from year 1 to year 2 -blank percent Note: Donot given direct answer
Answer the below d. Suppose that society decided to reduce consumption and increase investment.i. How would this change affect economic growth? ii. What groups in society would benefit from this change? iii. What groups might be hurt?
pleasee quickkk !!!! Long-run economic growth can help alleviate the problems of poverty by... a. Requiring increased saving on the part of most of the population. b. Generating more resources that can be used to reduce income inequality. c. Reallocating income away from low-value production to increase the incentives for high-value production. d. Increasing future consumption for the middle class. e. Creating new low-paying jobs for the unemployed.
What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process?c. What is meant by economies of scale and what is the importance of this concept to economic growth?