Between 1994 and 2000,economic Growth in the United States

question 71

Multiple Choice

Between 1994 and 2000,economic growth in the United States

• A) was at times very substantial.
• B) experienced its longest continual peacetime rise in the nation's history.
• C) recorded growth in every quarter of every year.
• D) both was at times very substantial, and recorded growth in every quarter of every year.
• E) All these answers are correct.

Identify the conditions under which average costs fall or rise due to marginal costs.

Recognize the reasons behind the shape of average cost curves.

Differentiate between diminishing returns to scale and decreasing returns to scale.

Understand factors leading to diminishing marginal returns.

---

Definitions:

Public Good

is a good that is non-excludable and non-rivalrous, meaning no one can be excluded from its use, and one person's use does not reduce its availability to others.

Majority Vote

A voting system where the decision or choice that gets more than half of the votes wins.

Paired-Choice Vote

A voting system where individuals choose between two options, which can determine preference in a comparative way.

Ranked Preferences

The ordering of choices or options according to their desirability or priority to an individual or group.