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

Economics

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________ suggests that with an increase in economic prosperity, world demand will shift toward luxury goods and away from staple goods.

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Refer to the above graphs. What will happen in the long run to industry supply and the equilibrium price of the product?

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