Which of the following is true about U.S. energy consumption and per capita real GDP since 1988?
A. Per capita energy consumption and per capita real GDP have both risen.
B. Per capita consumption of energy has been relatively constant, while per capita real GDP
has risen.
C. Per capita energy consumption and per capita real GDP have both fallen.
D. Per capita energy consumption has fallen, while per capita real GDP has risen.
Answer: B
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Explain the theory behind convergence and why it is a "deceptively simple" theory
What will be an ideal response?
Refer to the information above. An economy's real GDP per person doubles every 18 years when it maintains a growth rate of ________ per year
A) 5.6 percent B) 4.0 percent C) 0.25 percent D) 0.9 percent
If the government stops enforcing its collusion laws and oligopolies are now able to collude, they will ________ the price charged and ________ the total output produced.
A. decrease; increase B. decrease; decrease C. increase; increase D. increase; decrease
Which statement is true?
A. In the market period, industry supply is either perfectly elastic or very elastic. B. In the short run, an increase in demand can lead to an increase in a firm's output. C. In the market period, an increase in demand will lead to an increase in the firm's output. D. Supply is less elastic in the long run than in the short run.