Which of the Following Is Not a Correct Statement About

question 7

Multiple Choice

Which of the following is not a correct statement about the growth of real GDP in the U.S.economy?

• A)Real GDP in 2009 was almost four times its 1965 level.
• B)Growth was steady between 1965 and 2009.
• C)Continued growth in real GDP enables the typical American to enjoy greater economic prosperity than his or her parents and grandparents did.
• D)The output of goods and services produced grew on average about 3 percent per year between 1965 and 2009.

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Definitions:

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of that good supplied by all producers in the market.

Identical Firms

Refers to companies within the same industry that have similar methods of production, costs, and characteristics, making their products essentially indistinguishable.

Linear Marginal Cost

A situation where the cost of producing one additional unit of a product or service remains constant, represented graphically as a straight line.

Competitive Market

A market structure characterized by a large number of buyers and sellers, none of whom can control the market price.