In which year did GDP growth in the United States fall below -2 percent?
A. 2003
B. 2009
C. 2001
D. 2007
Answer: B
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Which of the following is NOT a "flow" variable?
A) government debt B) consumption expenditure C) labor services D) income
To correct for the underproduction of products with positive externalities, the government must
A) provide the incentives for the private sector to produce and consume the good. B) provide tougher regulations on the industry. C) increase taxes on the industry. D) fine the industry.
Anti-trust law
a. has been used to create monopolies b. has been used to eliminate patents and copyrights c. has been used to maximize producer surplus d. should not be used to break up a monopoly that results from network externalities e. has been used to break up monopolies
The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition. B. mergers and acquisitions. C. process innovation. D. creative destruction.