The historical record for the United States over the last 100 years shows
A) mostly positive economic growth, though the Great Depression caused actual GDP to dip well below potential GDP.
B) economic growth for about half the years and economic decline for the other half.
C) growth until 1970 and then a period of constant per person real GDP.
D) continuous economic growth for each year, although at different rates, throughout the entire century.
A
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In the short run, a perfectly competitive ball bearing manufacturer will continue to produce at a loss if
a. it is covering all of its fixed cost b. it is covering all of its variable cost plus part of its fixed cost c. variable cost is less than fixed cost d. fixed cost is zero e. fixed cost is minimized
A price ceiling set below the equilibrium price will
A) clear the market for the good. B) result in a shortage of the good. C) result in a surplus of the good. D) induce new firms to enter the industry.