Refer to Table 19-17. What is real GDP in 2016, using 2011 as the base year?

An industry with a high concentration ratio might still be competitive if

A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.

In a study published in 1963, Milton Friedman and Anna Schwartz found that in every business cycle they studied over nearly a hundred-year period

A) the growth rate of the money supply decreased before output decreased. B) interest rates decreased before output decreased. C) the growth rate of federal government spending decreased before output decreased. D) the growth rate of state and local government spending decreased before output decreased.