Which of the Following Statements About the Growth of Real

question 160

Multiple Choice

Which of the following statements about the growth of real GDP in the U.S.economy is correct?

• A)Real GDP grew on average about 4.5 percent per year between 1965 and 2004.
• B)The growth in real GDP measures the growth in the output of goods and services.
• C)The growth of real GDP has been steady over time.
• D)All of the above are correct.

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Definitions:

Selective Benefits

Advantages or perks provided by an organization or a policy that are available only to its members or a specific group of people.

Free-Rider Problem

A situation in which individuals receive benefits from a public good without contributing to its cost, leading to underprovision of those goods.

Selective Benefits

Selective benefits are advantages or perks provided exclusively to members of a group, organization, or society, rather than to the general public.

Collective Goods

Benefits or goods that are shared and cannot be denied to anyone within a community or society, such as clean air or public safety.