The rate of output at which the price level has no tendency to rise or fall is called the

Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that ________

A) we spend twice as much on goods consumption as we do on services B) consumption of durable goods is twice that of nondurables C) government purchases is the largest main component of GDP D) all of the above E) none of the above

An example of a situation in which the social costs are greater than the private costs would be

A) a new restaurant takes business away from an established restaurant. B) hand-held calculators putting slide rule manufacturers out of business. C) when a member of a rock band's ability to hear deteriorates from performing in so many loud concerts. D) a physician who cannot examine patients with a stethoscope in an examination room adjacent to an airport.