If, between 2006 and 2016, the economy's real GDP grew from $20 billion to $40 billion, what was the average annual growth rate in the economy?
A) 3% B) 7% C) 20% D) 100%
B
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The Employment Act of 1946 reflects which one of the following functions of government?
A) providing a legal system B) improving economy-wide stabilization C) correcting externalities D) providing public goods
Which of the following would not appear on a firm's accounting statement?
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. insurance costs
Historical data representing consumption and disposable income reveals that
a. during the 1930s, U.S. saving was at a high level. b. U.S. citizens increased saving during World War II. c. there is no systematic relationship between the two. d. consumption rises faster than disposable income during recessions.
What are the advantages and disadvantages of resource allocation under monopolistic competition compared to perfect competition?