Interest payments by the government as a share of GDP
A) have steadily increased from the 1940s to the 2010s.
B) remained fairly steady from the 1940s to the 2010s.
C) increased in the 2000s and 2010s, but were fairly steady before that.
D) increased sharply in the 1940s and 1980s.
D
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If the quantity of goods and services produced in the economy decreases,
A) real GDP would certainly increase. B) nominal GDP would certainly increase. C) it may be possible for nominal GDP to increase. D) it may be possible for real GDP to increase.
Economists admire perfect competition for all of the following reasons except
a. market prices are at their lowest possible levels b. quantities are higher than with any other market condition c. consumers get the greatest variety of differentiated goods d. P = MC = ATC = MR e. goods are produced at minimum average total cost