Economic growth, as measured by increases in real GDP per-capita, was at its strongest during the
A. 1990s.
B. 1960s.
C. 2010s.
D. 2000s.
Answer: B
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Which of the following individuals would be most negatively affected by anticipated inflation?
A) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses B) a full-time employee at a pizza parlor who makes more than the minimum wage C) a retired railroad engineer who receives a fixed income payment every month D) a union contractor whose pay is adjusted based on changes in the CPI
In general, developed countries depend more heavily on indirect taxes on goods and services than do developing countries
a. True b. False Indicate whether the statement is true or false
Normal profit is a term for
a. explicit profit. b. the competitive rate of return. c. the accounting profit forgone. d. pure economic profit.
Deviations from the perfectly competitive market can lead to
A. inefficiently high production costs. B. higher prices and smaller outputs. C. less efficient resource allocation. D. All of the responses are correct.