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Average income in Western Europe in 1600 was roughly $1,400 per year, while in Latin America, it was less than half that. Which of the following best explains this difference in average income?
a. Western Europe had more advanced technology than Latin America.
b. Western Europe had a better climate than Latin America.
c. Western Europe had fewer resources than Latin America.
d. Western Europe had lower taxes than Latin America.
e. Western Europe had never been invaded or colonized, whereas Latin America had
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours per day. Calculate, and in your diagram, identify, Lorne's quantity of leisure, supply of labour, and consumption. What is the price of leisure
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You have been hired by Nobody State University as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years,
If the demand curve is much more inelastic than the supply curve, then buyers will shoulder more of the burden of a tax placed on suppliers of a product.
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any change in the economys total expenditures would be expected to translate into a change in gdp that was larger than
1. aggregate expenditure what are the components of aggregate expenditure? in the model developed in this chapter which
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