Gross Domestic Product in 2013 was almost five times larger than it was in 1960 but it is important to note that
a. none of the growth represented more output.
b. measurement of output omitted any effect of inflation.
c. the population grew substantially over the same time period.
d. graphs of output were unable to display such growth.
c
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The current account balance is
A) the supply of a country's exports less the country's own demand for imports. B) the demand for a country's exports plus the country's own demand for imports. C) the country's own demand for imports less the demand for a country's exports. D) the demand for a country's exports less the country's own demand for imports. E) the country's federal reserves minus the national debt.
If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be TRUE at that level of output?
A) p = MC B) MR = MC C) p ? AVC D) All of the above
The president of the United States promises that the nation's economy will simultaneously produce more defense goods without any decreases in the production of other goods. Under which of the following conditions could such a promise be valid?
A) if the United States were producing at a point on its production possibilities curve B) if the United States were producing inside its production possibilities curve C) if the United States were producing to the right of its production possibilities curve D) None of the above; the production possibilities curve must shift to the right.
Deregulation of banks and other depository institutions allowed the FDIC to open bank branches of its own
a. True b. False Indicate whether the statement is true or false