The term "economic growth" refers to increases in
A) resources use. B) productive capacity.
C) nominal income. D) satisfaction.
B
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What are the arguments against the redistribution of income?
What will be an ideal response?
Consumer surplus measures
A) the extra amount that a consumer must pay to obtain a marginal unit of a good or service. B) the excess demand that consumers have when a price ceiling holds prices below their equilibrium. C) the benefit that consumers receive from a good or service beyond what they pay. D) gain or loss to consumers from price fixing.
If a firm is found guilty of violating any of the European Union competition laws, courts ________ impose fines and ________ sentence managers who have violated the law to jail.
A) can; cannot B) cannot; cannot C) can; can D) cannot; can
In an economy in which velocity is constant and the same level of real output is produced year after year, a slow increase in the money supply would result in a: a. constant price level
b. slowly increasing price level. c. rapidly increasing price level. d. slowly increasing real GDP. e. rapidly increasing real GDP.