What most accurately describes the trend in the Gross Domestic Product of the US between 1870 and 2007?
a. Real GDP increased by about two percent per year.
b. Although nominal GDP increased significantly, real GDP went up only slightly because of inflation.
c. Both nominal and real GDP have been flat because the periods of inflation were offset by the periods of deflation.
d. The fluctuations in GDP have become greater over time, and were largest in the late 1900s.
a. Real GDP increased by about two percent per year..
You might also like to view...
The public enterprise usually pursues a well defined purpose with exact controls over its behavior
Indicate whether the statement is true or false
The United States is considered by the Institute for Management Development to be the most competitive economy because
A) U.S. residents are willing to work harder than anyone else is. B) of widespread entrepreneurship. C) of a high saving rate. D) of selected restrictions on imports from Japan and Europe.
If a new tax policy relatively raises the tax rate 2.5 percent but causes the output supplied to fall by 15 percent, the absolute value of the tax elasticity of supply is
A. 1.5. B. 6.0. C. 37.5. D. 0.375.
The Children's Health Insurance Program (CHIP)
A. requires that covered families pay the full cost of well-baby care and immunizations. B. provides matching rates that are higher on average than regular Medicaid matching rates. C. requires no premium to be paid by insured families for coverage of their children. D. all of the options are correct.