Since 1900, real GDP per capita in the United States has ________ in the short run and has ________ in the long run
A) fluctuated; displayed a strong upward trend
B) remained fairly stagnant; grown considerably
C) decreased more often than it has increased; increased more often than it has decreased
D) grown at a stable and consistent rate; wildly fluctuated
A
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A tax is progressive if the ratio of taxes to income rises as income rises.
Answer the following statement true (T) or false (F)
After World War II, the United States has pursued a broad policy of
A) strengthening "Fortress America" protectionism. B) removing barriers to international trade. C) isolating Iran and other members of the "axis of evil." D) protecting the U.S. from the economic impact of oil producers. E) restricting trade of manufactured goods.
How will an increase in the price of coffee affect the market for cocoa, a substitute good?
a. The supply of cocoa will increase, leading to a reduction in the price of cocoa. b. The supply of cocoa will decrease, leading to an increase in the price of cocoa. c. The demand for cocoa will increase, leading to an increase in the price of cocoa. d. The demand for cocoa will decrease, leading to a reduction in the price of cocoa.
An decrease in the price of oranges would lead to a(n)
a. increased supply of oranges. b. increase in the prices of inputs used in orange production. c. a movement down and to the left along the supply curve for oranges. d. a movement up and to the right along the supply curve for oranges.