In Figure 5.1, during the period between the early 1970s and 1980, real GDP grew at a faster rate than nominal GDP. This is an indication that
A. Average price levels increased.
B. Production increased at a slower rate than average price increased.
C. Production increased at a faster rate than average price increased.
D. Average price levels decreased.
Answer: D
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According to U.S. water quality control policy, tradeable effluent permits
a. can be used to control both point and nonpoint polluting sources b. can achieve cost savings as long as polluters' MACs are unequal c. are generally sold by low-cost abaters d. all of the above e. none of the above
Classical economics refers to an era in the history of economic thought that stretched from the late 1600s to the mid-1800s
Indicate whether the statement is true or false
The concentration ratio is the percentage of ___ earned by the ___ largest firms in the industry.
A. sales; four B. sales; ten C. profits; four D. profits; ten
Behavioral economists put significant emphasis on using models to:
A. Predict decisions, but not so much to understand how those decisions are made B. Predict decisions and also to understand how those decisions are made C. Understand decision processes, but not the prediction of the decision itself D. Understand people's actions, but not what drive people to act in certain ways