Which of the following is a valid characteristic of the U.S. economy over the last sixty years?
A) Investment is smoother than most of the other components of GDP, especially consumption.
B) Government spending has remained around 20% of GDP over much of the postwar period.
C) The U.S. has, for the most part, been running a trade surplus which has trended upward to over 5% of GDP.
D) all of the above
E) none of the above
B
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A likely way to increase the productivity of workers engaged in research and development is to ________
A) increase the size of the labor force B) increase the number of workers engaged in research and development C) invest more in the education of scientists D) increase the national saving rate
In the 1920s and 1930s, economists became increasingly aware that there were industries that did not fit the model of perfect competition or pure monopoly. Two separate theories of monopolistic competition resulted
Edward Chamberlin of Harvard published the Theory of Monopolistic Competition in 1933. Chamberlin defined monopolistic competition as A) a relatively large number of producers offering similar but differentiated products. B) a relatively small number of producers offering similar but differentiated products. C) a market situation in which a large number of firms produce identical products. D) a market situation in which a small number of firms produce similar products.