Economic growth is measured by the annual percentage increase in a nation's level of:
a. nominal GDP.
b. real GDP.
c. real GDP deflator.
d. economic indicators.
b
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When compared to a perfectly competitive industry, in a monopoly:
A) both consumer surplus and social surplus are larger. B) consumer surplus is lower but social surplus is larger. C) both consumer surplus and social surplus are smaller. D) consumer surplus is higher but social surplus is smaller.
Can health differences fully explain the large disparities in productivity and income per capita across countries?
What will be an ideal response?
One of the reasons that President Bush advocated for the 2003 tax reform was
a. to create a ‘stimulus package' to counter a deepening of the recessionary phase ofthe business cycle b. to stem the growing rate of inflation c. to provide the revenues to fight the war on terrorism d. to curb the outflow of revenue to foreign countries by reducing trade imbalances e. to reduce the government deficit
Which cause-and-effect chain would best explain the reason for a crowding-out effect? An expansionary fiscal policy:
A. decreases interest rates that decrease private investment spending. B. increases interest rates that decrease private investment spending. C. increases interest rates that increase private investment spending. D. decreases interest rates that increase private investment spending.