The reason that differences in economic growth rates are important in the long run is that
A. real GDP usually drops when adjusted for inflation.
B. population naturally shrinks in most countries.
C. nominal GDP typically increases faster than real GDP.
D. growth compounds over time.
Answer: D
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Consider a market with a price floor. If the price floor is lowered, which of the following would happen?
a. The consumer surplus would increase, the producer surplus would decrease and the dead weight loss would decrease b. The consumer surplus would decrease, the producer surplus would decrease and the dead weight loss would increase c. The consumer surplus, the producer surplus and the dead weight loss would all decrease d. The consumer surplus, the producer surplus and the dead weight loss would all increase e. The consumer surplus would decrease, the producer surplus would increase and the dead weight loss would increase
________ is the condition that exists when there is no way resources can be reallocated to increase the production of one good without decreasing the production of another
a. Economic growth b. Allocative inefficiency c. Inefficiency d. Efficiency
What is the difference between personal income and disposable personal income?
A. depreciation B. net U.S. income earned abroad C. indirect personal taxes and transfers D. the amount of personal income taxes
The building of the ________ were the key development in opening the era of mass production and mass consumption.
Fill in the blank(s) with the appropriate word(s).