Rising unemployment and decreased business confidence could be signs that the economy is at the start of a(n):
A. recession.
B. boom.
C. recovery.
D. expansion.
A. recession.
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Will a perfectly competitive firm ever produce in the short run even though it is suffering an economic loss?
What will be an ideal response?
Suppose bad weather decreases the wheat harvest by 12 percent. If the price elasticity of demand for wheat is 0.6, how would the crop failure affect the price of wheat? Would the crop failure benefit or harm wheat farmers?
What will be an ideal response?
Due to a boom in the US, the average rate of return on investments is likely to rise causing the demand for US dollar to
a. Increase b. Decrease c. Not change d. None of the above
Transfer payments are subtracted from national income to get to personal income.
Answer the following statement true (T) or false (F)