In the 1960s, U.S. economy experienced
A. a substantial decline in real GDP but limited inflation.
B. a substantial decline in real GDP coupled with significant inflation.
C. substantial real GDP growth coupled with significant inflation.
D. substantial real GDP growth with limited inflation.
Answer: D
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The Food and Drug Administration (FDA) is an agency that would enforce
A) social regulation. B) economic regulation. C) antitrust laws. D) price discrimination.
Which of the following is not included in national income?
a. Corporate profits
b. Interest earnings
c. Capital consumption allowance
d. Rental income
e. Stockbroker commissions
If economic profits in an industry are zero and implicit costs are greater than zero, then:
A. Resources will move out of the industry B. There will be no production in the short run C. Accounting profits are greater than zero D. New firms will enter the industry
Primary reserves and secondary reserves
A. are identical. B. are nearly identical. C. have some overlap. D. have completely different components.