When there are sustained increases in real GDP over time, we say that the economy is undergoing
A) a recession. B) economic growth.
C) massive changes in productive capacity. D) economic stagnation.
B
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Critics of advertising argue that advertising by its very nature imposes a cost on society. Explain what these costs are
What will be an ideal response?
A congress member concerned about ensuring vertical equity in taxation would be most likely to argue for obtaining government revenue through a
a. progressive tax on personal income. b. regressive tax on corporate income. c. sales tax. d. head tax.
A small soybean crop in South America would
A. increase the price of soybean meal. B. decrease the price of soybeans. C. increase the crush margin of soybean processors. D. increase the demand for soybean meal.
Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price. B) selling price was above equilibrium price. C) selling price was at equilibrium. D) the game was advertised too heavily.