_____________ Has Grown at a Faster Rate Than ______________,Indicating an Increase

question 1

Multiple Choice

_____________ has grown at a faster rate than ______________,indicating an increase in economic interdependence among nations.

• A)World trade,world production
• B)US GDP,world GDP
• C)World production,world trade
• D)Output in the US,incomes in the US

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Definitions:

Long Run

In economics, the long run refers to the period during which all factors of production and costs are variable, allowing for full adjustment to changes in the market or economy.

Minimum Price

A minimum price is a legally imposed threshold set above the equilibrium price, below which a certain good or service cannot be sold, often to protect producers.

Profitable Output

The level of production at which a business or economic activity yields the maximum profit.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to consumers in exchange for money.