The government played a central role in directing the post-World War II economy, causing all of the following to occur except
(a) The reduction of entitlements, such as Social Security and unemployment benefits.
(b) Massive spending by the federal government, justified by the Cold War.
(c) Enormously expanded government infrastructure spending on things like highways, airports, education and research and development.
(d) There is no "except"; all of the above occurred.
(a)
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In the economy above:
A. the price level is rising faster than nominal GDP.
B. nominal and real GDP are growing at the same rate.
C. the growth of nominal GDP understates the growth of real GDP.
D. the growth of nominal GDP overstates the growth of real GDP.
C4 and HHI tend to ________ the concentration in a domestic industry.
A. overstate B. understate or overstate, depending on the true geographic market C. understate D. provide different rankings of