In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess.
Fill in the blank(s) with the appropriate word(s).
"The American Century"
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The real business cycle model focuses on how
A) the labor theory of value is the best measure of value of a good or service. B) productivity shocks explain fluctuations in real GDP. C) wage and price stickiness explains fluctuations in real GDP. D) the Federal Reserve should adopt a monetary growth rule.
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low.