McDonald's introduced the "Big Mac" in 1968 and it turned out to be a hit, but the "Arch Deluxe" introduced in 1996 was not. The success or failure of a product in the market system is determined by:
A. Capitalism and entrepreneurship
B. Specialization and exchange
C. Consumer sovereignty and dollar votes
D. Capital goods and roundabout production
Answer: C
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The phenomenon of underutilization of labor during a recession is called
A) labor stockpiling. B) investing in human capital. C) labor force stabilization. D) labor hoarding.
The most meaningful measure of economic growth is a. the employment rate
b. the unemployment rate. c. real GDP. d. real GDP per capita.
If prices are rising on average, then
A) real GDP will always be equal to nominal GDP. B) real GDP will be greater than nominal GDP in the years after the base year. C) real GDP will be less than nominal GDP in the years before the base year. D) real GDP will be greater than nominal GDP in the years before the base year.
In Ansonia, real GDP increased by 9% and the population increased by 9% in 2018. In 2018, Ansonia experienced
A. economic growth, but not an increase in living standards. B. economic growth and an increase in living standards. C. no economic growth and no increase in living standards. D. no economic growth, but an increase in living standards.