Which of the following is correct?
a. Recessions have never occurred very close together.
b. Sometimes recessions are close together.
c. Economic fluctuations are easily predicted by competent economists.
d. Spending, income, and production do not fluctuate closely with real GDP.
Ans: b. Sometimes recessions are close together.
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Average variable cost is at a minimum at the same amount of output at which
A) average product is at a maximum. B) marginal product is at a maximum. C) average product is at a minimum. D) marginal product is at a minimum.
Refer to Figure 11-2. The curve labeled "E" is
A) the output supply curve. B) the average product curve. C) the marginal product curve. D) the total product curve.
Suppose in the automobile industry with free entry and exit, the marginal cost is constant at $5,000, two identical manufacturers are currently producing 1,000 cars each and earning zero economic profit
If the equilibrium price is $20,000, then what is the fixed cost for each manufacturer? A) $20,000,000 B) $15,000,000 C) $5,000,000 D) $10,000,000
When an item being auctioned has correlated values and bidders use their optimal strategies, a(n) ________ auction has the highest expected revenue as it has the ________ reduction in bidders' valuations.
A) English; smallest B) Dutch; smallest C) Dutch; largest D) English; greatest