Consider the choices below. All of these except one truly represent the record of productivity growth in the United States from 1800 to the present. Find the one that does not belong.
A. Growth of per capital real GDP slowed down considerably between 1973 and 1994
B. The best period for GDP growth was the production boom between 1995 and 2005
C. There was a rapid rise in the growth rate of per capita GDP between 1950 and 1972
D. GDP per capita fell rapidly between 1900 and 1950
Answer: D. GDP per capita fell rapidly between 1900 and 1950
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A ban on imports, a tariff, or a quota raise the price to domestic consumers creates a deadweight loss. This loss is composed of
A) production associated loss and inefficiency loss. B) productive consumption loss and protection loss. C) consumption distortion loss and production distortion loss. D) consumer misperception loss and taxation loss.
Which of the following are problems that may limit economic growth in developing countries?
a. geography b. health c. governance d. all of the above.
If the punishment is ________, or the likelihood of getting caught is ________, the cost associated with breaking a ban may not be high enough to change the trade-off that consumers face.
A. not severe; high B. not severe; low C. severe; high D. severe; low
Economic analysis is a tool that
A) aids all decision making. B) helps us understand why people make mistakes. C) helps us forgive selfish people. D) makes everyone rich.