Which of the Following Accurately Describes Growth Rates in the United

question 119

Multiple Choice

Which of the following accurately describes growth rates in the United States from 1900 to the present?

• A)Growth rates rose until the 1970s and then fell until the present.
• B)Growth rates have risen continuously from 1900 to the present.
• C)Growth rates rose until the 1970s,slowed until the 1990s,rose again until 2005,and then slowed again to the present.
• D)Growth rates have fallen continuously from 1900 to the present.

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the profit beyond the normal return on investment.

Marginal Decision Rule

A principle stating that an action should be taken if, and only if, the marginal benefits are greater than or equal to the marginal costs.

MR

Short for Marginal Revenue, it refers to the extra revenue that an organization receives from selling one more unit of a good or service.

Maximizing Profit

The process a firm adopts to establish the optimal price and quantity for maximal profit.