Over the past century, the growth rate of real GDP in the United States has averaged approximately
a. 1 percent.
b. 3 percent.
c. 6 percent.
d. 10 percent.
B
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Following the balance of payments ________.
A. allows us to track changes in trade flows, but not financial assets B. is useful for understanding a country's relationships with its trading partners C. is not helpful because the balance of payments is always zero D. helps predict when an economy will be in a recession
People demand money for all of the following reasons EXCEPT
A) it generates a rate of return. B) it is a medium of exchange to make payments. C) it is a store of value. D) it can meet unplanned expenditures.
Which of the following is a question answered with normative economic reasoning?
A) If the college provided less financial aid for out-of-state students, would more in-state students benefit? B) If the college offers free textbooks for students, will more students read their textbooks? C) If the college increased its enrollment requirements, would class size decline? D) Should the college increase tuition to fund its athletic programs?
The cross elasticity between computers and software is
A) negative because they are substitutes. B) positive because they are substitutes. C) negative because they are complements. D) positive because they are complements. E) positive because they are normal goods.