Between 1947 and 2014, U.S. real GDP
A) remained relatively unchanged.
B) doubled.
C) grew eightfold.
D) decreased even though nominal GDP increased.
C
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If MRP > MLC, it means that a firm should
A) use less labor. B) use more labor. C) increase its fixed capacity. D) decrease its fixed capacity.
What prompted the large increase in tax rates in 1932 in the midst of an economic recession?
a. concern that inflation would rise due to increases in real output and aggregate demand b. expansionary fiscal policy designed to stimulate aggregate demand c. the Keynesian view that taxes should be increased during a recession d. the view that the federal government should maintain a balanced budget
If the demand curve is linear and downward sloping, which of the following statements is not correct?
a. Demand is more elastic on the lower part of the demand curve than on the upper part. b. Different pairs of points on the demand curve can result in different values of the price elasticity of demand. c. Different pairs of points on the demand curve result in identical values of the slope of the demand curve. d. Starting from a point on the upper part of the demand curve, an increase in price leads to a decrease in total revenue.
What is the percentage of income received by the upper quintiles on line L?
