In the United States, recessions are informally defined as ________ in real GDP
A) two consecutive quarters of positive growth B) two consecutive quarters of negative growth
C) three consecutive quarters of negative growth D) three consecutive quarters of positive growth
B
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The significance of dead capital is that
A) it is difficult to allocate to its most efficient use. B) its fixed cost is too high. C) it is being removed from its most efficient use. D) it replaces too many workers.
In the United States, the top 20 percent of income earners earn:
A. over 60 percent of total income. B. over 70 percent of total income. C. just under 50 percent of total income. D. just under 40 percent of total income.
The economist Hernando de Soto extensively studied:
a. the problem of scarcity. b. opportunity costs. c. insecure property rights. d. economic freedom in rich countries. e. the sources of comparative advantage in trade.
Country A and Country B initially have the same real GDP per capita. Country A experiences no economic growth, while Country B grows at a sustained rate of 5 percent. In 14 years, Country A's GDP will be approximately ____ that of Country B
a. one-fourth b. one-half c. double d. triple