During the trough of the business cycle,
a. employment and income are at a low ebb.
b. little investment in plant and equipment occurs.
c. consumers postpone purchases of durable goods.
d. All of these occur.
d. All of these occur.
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Process-oriented notions of equity:
A. focus on the procedures used to arrive at an allocation of resources as well as on the allocation itself. B. focus on whether the process used to allocate resources yields fair results. C. focus on what people could choose rather than what they actually choose. D. focus on what people actually choose, regardless of the choices available.
The learning curve suggests that an individual will
A) receive the same income throughout a career. B) gain experience and increase productivity over time. C) be subject to frequent spells of unemployment. D) have an income that falls over time.
Which of the following is most likely to incorporate a great deal of economic rent?
a. sale of a bag of potato chips b. salary paid to an employee at the local Home Depot c. a soft drink sold by a vending machine d. sale of a rare stamp
Which of the following is a likely result of a subsidy?
a. An increase in the revenue received by a government b. An increase in the subsidized economic activity c. An increase in equilibrium market price d. An increase in net social welfare