Economic growth in the U.S. since 1950 has been characterized by:
A. An average growth rate in real GDP that is slower than the growth rate of the population
B. A quadrupling of real GDP from 1950 to 2012
C. An average growth rate in real GDP that is faster than the growth rate of the population
D. An average growth rate in real GDP per capita of about 6% per year
C. An average growth rate in real GDP that is faster than the growth rate of the population
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Which of the following industries is an illustration of homogeneous oligopoly?
A. Household laundry products. B. Personal computers. C. Aluminum. D. The auto industry.
Exhibit 4-10 Supply and demand data for apricots Bushels demandedper month Price perbushel Bushels suppliedper month 50 $5 80 55 4 75 60 3 70 65 2 65 70 1 55 In Exhibit 4-10, assume that the government initially sets a price floor of $4 for apricots, and then removes the $4 price floor. What effect will this price change have?
A. The price of apricots will rise. B. The quantity of apricots demanded will fall. C. The quantity of apricots supplied will decline. D. Quantity supplied will continue to exceed quantity demanded.