In Vidalia, real GDP increased by 6% and the population increased by 9% in 2018. In 2018, Vidalia experienced
A. economic growth, but not an increase in living standards.
B. no economic growth, but an increase in living standards.
C. economic growth and an increase in living standards.
D. an economic decline.
Answer: A
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Recall the Application. When applying the Taylor Rule to the decade of 2000, economist John Taylor found that compared to past experience, the Fed
A) raised interest rates much too high and much too quickly. B) should have maintained interest rates instead of raising them slowly. C) should have lowered interest rates at a much faster pace. D) was much too aggressive in lowering interest rates.
Industry concentration measures the extent to which
A) products are differentiated by the firms in the industry. B) the market is dominated by a small number of firms. C) the industry executives concentrate on their product. D) consumers are geographically concentrated.
An increase in government expenditures that ________ the budget deficit in an example of ________
A) raises, automatic stabilization B) raises, discretionary fiscal policy C) lowers, automatic stabilization D) lowers, discretionary fiscal policy
Which of the following countries achieved economic growth, in part, by reducing its population growth rate?
a. The former Soviet Union b. The United States c. The United Kingdom d. China e. Hong Kong