According to the data on real U.S. GDP,

a. economic growth has been irregular, with periodic downturns.
b. economic growth has been consistent, with few downturns.
c. economic growth has been extremely rapid, but with major collapses.
d. economic growth has been elusive, but downturns have been eliminated.

a

Economics

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In long-run equilibrium, a firm in monopolistic competition makes

A) an economic profit, but the economic profit is less than it would be if the firm was a monopoly. B) an economic profit that is higher than what it would be if the firm was a monopoly. C) zero economic profit. D) an economic profit that is the same amount as it would be if the firm was a monopoly. E) an economic profit, an economic loss, or zero economic profit.

Economics

If the economy is on the downward-sloping portion of the Laffer curve, a(an) __________ in tax rates will __________ tax revenues

A) decrease; reduce B) increase; raise C) decrease; raise D) decrease; not change E) increase; not change

Economics