According to the text, critics point out that the costs incurred by firms due to regulations
A) increase production costs.
B) lower production costs to the shutdown point.
C) reduce taxes too far.
D) none of the above.
A
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Which of the following is a measure of economic growth that is most useful for comparing changes in standards of living?
A. increases in real GDP B. increases in real GDP per capita C. growth in nominal GDP D. decreases in the rate of unemployment
The figure above shows the market for tires. According to the figure, the price elasticity of demand is ________ the price elasticity of supply
A) greater than B) equal to C) less than D) not comparable to E) More information is needed to determine if the price elasticity of demand is greater than, equal to, less than, or comparable to the price elasticity of supply.
Approaches to measuring GDP include all of the following except the
A) cost approach. B) product approach. C) income approach. D) expenditure approach.
Which of the following is NOT a true statement about U.S. exports?
A) Services have become more important part of exports. B) The U.S. is the world's second-largest exporter of goods. C) Three-fourths of U.S. merchandise exports are manufactured goods. D) The manufacturing sector in the U.S. is no longer significant.