The economic boom between 2002 and 2006 was primarily a result of
a. a reduction in stock prices along with rising oil prices.
b. a sharp reduction in the real price of resources and wages.
c. an increase in both housing and stock prices.
d. an increase in both resource prices and interest rates.
C
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If a measure of real GDP could include the value of leisure time, measured real GDP would increase
Indicate whether the statement is true or false
Long-run average cost is defined as:
A) the minimum average cost of producing any level of output when all inputs are variable. B) the minimum average cost of producing any level of output when the amount of capital is varied and all other inputs are held constant. C) the average of the short-run costs associated with each amount of capital employed by the firm. D) the minimum average cost of producing any level of output when all inputs are fixed.