Compared to the 1960s, during most of the 1990s average annual real GDP growth was ________ while the average ratio of net investment to output was ________
A) slightly lower, much lower
B) much lower, slightly higher
C) much higher, much lower
D) slightly higher, slightly lower
B
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Equity and efficiency _____. Thus, _____
a. are always consistent with each other; trade-offs between the two are necessary b. are never consistent with each other; trade-offs between the two are unnecessary c. might be consistent in certain situations; trade-offs between the two might be necessary d. might be consistent in certain situations, trade-offs between cannot be made
According to the above figure for a gasoline market, what happens when the price per gallon of gasoline jumps from $1 to $4?
A) A gasoline surplus is replaced by a gas shortage. B) The market moves from a shortage of 40 million gallons/day to a surplus of 50 million gallons/day. C) The market shortage is replaced by market equilibrium. D) A surplus of 40 million gallons/day results.