If a person expects the price of pumpkins to increase next month, then that person's current demand for pumpkins will increase

The primary value of real GDP is its ability to measure year to year changes in

a. real output. b. income inequality. c. real social welfare. d. the general level of prices.

Suppose a typical firm in a particular industry is making positive economic profits. These economic profits

a. reflect a waste of society's scarce resources and reflect inefficient production. b. signal owners of factors of production to move their resources out of that industry. c. imply that accounting costs are greater than economic costs in this industry. d. signal owners of factors of production to move resources into this industry.