What is approximately the growth rate of real GDP using base year 1?
A) 13%
B) 20%
C) 33%
D) 39%
A
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Normative economics
A) predicts the consequences of alternative actions. B) answers the question "What ought to be?" C) answers the question "What is?" D) is the focus of most modern economic reasoning.
Mutual interdependence among firms is one of the key characteristics of an oligopoly market that distinguishes it from the other three major market structures
Indicate whether the statement is true or false
All else constant, an increase in the incomes of consumers in the market for diamonds would cause the supply of diamonds to increase
Indicate whether the statement is true or false
Economic efficiency and economic freedom are commonly cited as two major benefits of socialism
a. True b. False Indicate whether the statement is true or false