Economic growth in the U.S. since 1950 has been characterized by:
A. An average growth rate in real GDP that is slower than the growth rate of the population
B. A quadrupling of real GDP from 1950 to 2012
C. An average growth rate in real GDP that is faster than the growth rate of the population
D. An average growth rate in real GDP per capita of about 6% per year
C. An average growth rate in real GDP that is faster than the growth rate of the population
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If the demand for one good decreases when the price of another good decreases, the two goods are ________ goods
A) normal B) inferior C) complementary D) substitute
Suppose managers of an art auction house are going to auction a painting that is believed to be painted by a famous artist. If the managers of the auction are able to provide evidence that the painting was created by the famous artist, the participants in the auction will have ________ confidence in their own valuation of the painting and will submit ________ bids.
A) less; lower B) less; more C) more; lower D) more; higher
To find economic profit from accounting profit, it is necessary to
A) subtract dividends. B) add retained earnings. C) subtract the opportunity cost of capital. D) add depreciation expense.
Under monopolistic competition:
A. firms can sell all the output they wish without affecting the price. B. a single seller serves the market. C. firms face a downward-sloping demand curve. D. firms have no monopoly power.