The replacement of older products by newer improved ones is called
What will be an ideal response?
Creative destruction
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Use the following table to answer the next question.YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $5,320 billion B. $4,911 billion C. $4,820 billion D. $4,875 billion
In 2015, health care's share of gross domestic product in the United States was about
A) 6.5 percent. B) 18 percent. C) 45 percent. D) 62.5 percent.
Suppose new oil reserves are discovered that were not previously known. What happens to the user cost of oil?
A) Decreases B) Increases C) Remains the same D) May increase or decrease, depending on the discount rate
The Lojack is an example of a product that:
A. produces a positive externality. B. contributes to illegal gambling on cards. C. contributes to global warming. D. produces a negative externality.