True or false? Economic change during the Civil War was part of Charles and Mary Beard meant when they called the war a second American revolution. The textbook makes a case that while the war accelerated prewar trends of innovation in modernization, it was hardly revolutionary in terms of changing the fundamental direction of the economy. And while statistically the war neither accelerated nor retarded long-term economic growth, it did Ladik we alter the section of the tribulation of wealth and output, very much to the advantage of the north
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True or false? Economic change during the Civil War was part of Charles and Mary Beard meant when they called the war a second American revolution. The textbook makes a case that while the war accelerated prewar trends of innovation in modernization, it was hardly revolutionary in terms of changing the fundamental direction of the economy. And while statistically the war neither accelerated nor retarded long-term
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- Winston S. Churchill said, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” There is debate on the above statement with one view holding that since tax is the guaranteed source of Government revenue, it only makes sense that Government should be planning development based on tax as that is the revenue it is sure of. Hence, there is no escape from a nation taxing itself into prosperity. The other view argues that any nation should rely on its nationals for both demand and supply. Hence, its government should leave its nationals with enough incomes to save and invest thereby creating supply, but also with enough to buy and thereby creating demand. Give a critical analysis of the two sides of the debate and, in your conclusion, give clear recommendation of how government should tax its nationals, both natural and legal entities.Tracking the past millennium, they say, puts the current economic drama into perspective. please identify the inaccurate representation in the following set. A) China alone generated one-third of the world’s gross domestic product in 1820. B) For most of this span, China and India were the world’s two biggest economies C) In 1850, India produced the highest percent of all the goods consumed in the world. D) From 1000 to the mid-1880s, they produced, on average, 70 to 80 percent of world output E) Before the steam engine and the power loom drove the transfer of economic might from Asia to the West, today’s emerging economies dominated world output.popular refrain about the North Korean economy is that it is reverting to a command-andcontrol economy in the face of sanctions and pandemic isolation. An example is a Washington Post article from February, which claimed Kim Jong Un “turned his back on even modest economic and market reforms and reverted back to de facto Leninism, emphasizing central planning while trying to clamp down on the private entrepreneurial activity.” This claim reflects a misunderstanding of its current economic policy. Actually, Kim Jong Un’s economic reforms emphasizing markets and competition are continuing.Kim’s major change in North Korea’s economic policy was to encourage competition. Previously, the Democratic People’s Republic of Korea’s (DPRK) production unit was responsible for only executing the production targets required by the country. Through a constitutional amendment in 2019, North Korea abolished the “Taean [alternative] Work System,” the doctrine of economic management of business in the…
- We know from the lectures that technical progress (innovation, ideas, knowledge breakthroughs) can help in breaking the barriers to economic growth as discussed in part A). Illustrate the impact of innovation (or technological breakthrough) in the economy by using any two of the economic models discussed in the classes. No explanation required, provide only clearly labelled and self-explanatory diagrams. [Hint: you can choose among AD-AS Model, Production Function diagram and /or Business Cycle modelIn “Why and When Did the West Get Rich?” Maddison argues that the emergence of urban trading centers was an important cause of European economic growth because such centers cause institutional change. Explain the nature of the institutional changes and how they led to increases in growth. Is there a causal link between the institutional change and the proximate causes of growth that Maddison identifies?Olympus is a small open economy. Which of the following statements is/are correct? 1. If the government is running a budget deficit, there will also be a deficit on the trade balance II. If Olympus is operating at long-run equilibrium and net exports are positive, then Olympus' output must be greater than the amount it is spending on consumption, Investment and government expenditure Select one: a. Options I and II are correct Ob. Neither Option I nor Option Il is correct Oc Option I is correct, but Option Il is incorrect Od. Option I is incorrect, but Option II is correct. Clear my choice It has been noted that real money balances rise as a period of hyperinflation ends. This occurs because Select one: the country's central bank stops hyperinflation by printing more money. Ob the decrease in expected inflation decreases the nominal interest rate, and this increases the quantity of real balances demanded. This allows the real money supply to increase even as prices stabilise O c. the…
- a. If “everyone used to be poor,” then how did some ancient civilizations afford to create massive buildings such as the pyramids of Egypt and the Buddhist statues of Afghanistan? "Everyone used to be poor" is a general statement regarding economic history with some notable exceptions, namely the civilizations that produced these monuments. Ancient civilizations lasted for hundreds of years. The political stability afforded by such longevity outweighed the lack of wealth these civilizations had. Ancient civilizations usually operated under a single ruler, allowing for more efficient allocation of resources than under decentralized power structures such as democracy or competitive markets. Civilizations that controlled many poor people could concentrate their limited wealth and labor resources toward one giant project.What are the three eras regarding the history of human population growth, and what arethe characteristics of each era? According to Galor and Weil (2000), what are the majoreconomic forces that drive the transition from a Malthusian economy to a modern growtheconomy?Use the Rule of 70 to answer the questions on economic grow Round answers to two places after the decimal. If annual real GDP per capita growth in South Africa averages 1.8%, how long will it take the country to double its real GDP per capita? If Ireland took 15 years to double its real GDP per capita, what was its average annual GDP per capita growth rate during this period? If annual real GDP per capita growth in Tanzania averages 0.8% per year, how long will it take the country to quadruple its real GDP per capita? If China took 40 years to increase its real GDP per capita eightfold, what was its average economic growth during this period?
- International data show a positive correlation between political stability and economic growth. Through what mechanism could strong economic growth lead to political stability?Why might the Coronavirus pandemic cause slowed economic growth?In 1776, Adam Smith ([1776] 1936) published his treatise, An Inquiry into Nature and Causes of the Wealth of Nations , which was taken by many to be a theory of economic growth. Smith, however, was clearly concerned with economic development. The classical school of economic thought, predominantly modeled after Smith, is largely geared toward understanding and explaining economic development. Smith presented a supply driven model of growth, where output was related to labor, land, and capital. Thus, economic growth, which is the increase in output, was related to population growth, investment, land growth, and increases in productivity. According to Smith, society was dependent on the economy’s ability to sustain its increasing workforce. Investment was dependent on the rate of savings. Land growth was dependent on the ability to acquire more land (through conquest) or on the increase in the productivity of existing land. He also believed in the division or specialization of labor as a…