According to the data on real U.S. GDP,
A. economic growth has been irregular, with some periods of downturns.
B. economic growth has been consistent, but with a few downturns.
C. economic growth has been extremely rapid, but also includes major collapses.
D. economic growth has been slight, but downturns have also been eliminated.
Answer: A
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In the absence of natural monopoly conditions, firms in a contestable market will
a. choose their price and output competitively. b. be able to successfully form a cartel and share monopoly profit. c. will not produce their output at the lowest possible cost. d. produce more than a monopoly but less than a competitive industry.
________ suggests that with an increase in economic prosperity, world demand will shift toward luxury goods and away from staple goods.
A. The Heckscher-Ohlin theory B. The law of convergence C. The law of demand D. Engel's law
What is the marginal cost of the 120th unit of output in Figure 21.2?
A. $1.20. B. $200.00. C. $288.00. D. $208.00.
Refer to the above graphs. What will happen in the long run to industry supply and the equilibrium price of the product?
A. S will increase, P will decrease. B. S will decrease, P will increase. C. S will increase, P will increase. D. S will decrease, P will decrease.