Some Economists Argue That the Apparent Slowdown in Economic Growth

question 135

Multiple Choice

Some economists argue that the apparent slowdown in economic growth in the United States during the mid-1970s may not really have reduced the standard of living because

• A)spending on new government regulations such as the Clean Air Act increased output dramatically without increasing the standard of living of Americans.
• B)significant improvements in the quality of services occurred,although the quantity of these services did not increase much during this time.
• C)changes in well-being are accurately reflected in statistics measuring economic growth.
• D)higher production costs from higher oil prices raised production and transportation costs and reduced output.

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Definitions:

Higher Court

An appellate court that reviews the decisions of lower courts to ensure accuracy and adherence to law.

Judicial System

The system of courts that interprets and applies the law in the name of the state or country.

Appeals

The process of asking a higher authority or court to review and change the outcome of a decision.

Dominance Structuring

The psychological process through which humans achieve confidence in their decisions. The four phases of dominance structuring are pre-editing, identifying one promising option, testing that promising option for dominance, and structuring the dominance of the option selected.