Since 1929, real GDP in the United States has grown at an average annual rate of about:
a. 0.5 percent.
b. 1 percent.
c. 3 percent.
d. 7.5 percent.
c
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An increase in the price level, other things equal, will shift the ________.
A. consumption and net exports schedules of the aggregate expenditures model upward, but the investment schedule downward B. consumption, investment, and net exports schedules of the aggregate expenditures model upward C. consumption, investment, and net exports schedules of the aggregate expenditures model downward D. consumption and investment schedules of the aggregate expenditures model upward, but the net exports schedule downward
Refer to Table 11-7. What is the average total cost of production when the firm produces 120 lanterns?
A) $1,680 B) $72 C) $14 D) $12.3
Craft unions typically attempt to increase wages by
a. setting a wage floor b. reducing labor supply c. increasing labor demand d. reducing initiation fees e. expanding new union memberships
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will enter the market with products that are close substitutes. B. the firm will lower its price to keep out competitors. C. the government will step in to regulate prices to ensure they stay competitive. D. more firms will leave the market before the profits are competed away.