The more that firms in an economy believe that the demand for their goods is mainly influenced by the aggregate level of demand and not "local conditions," the ________ is the SAS curve and thus the ________ are cycles in real GDP

The years after 1960 witnessed some social and economic changes of extraordinary magnitude, including all of the following except

(a) The core of U.S. growth shifted away from its historic base in heavy industry. (b) A huge influx of women into the labor force occurred. (c) Legislation provided for greater safety on the job and cleaner air and water. (d) The Cold War ended in the early 1970s, following the end of the Vietnam War, and defense spending declined significantly from the Cold War years of the 1950s.

The national income accounting system measures economic activity based on the concept of _____

a. absolute advantage of different industries in an economy b. the circular flow of precious metal and money through the different sectors of an economy c. comparative advantage of different industries in an economy d. the circular flow of output and income through the different sectors of an economy e. the circular flow of labor and other resources through the different sectors of an economy