An example of an externally generated business cycle is the war-induced theory
Indicate whether the statement is true or false
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What is meant by diminishing marginal benefits? Are you likely to experience diminishing marginal benefits for goods that you like a lot? Are there exceptions to the general rule of diminishing marginal benefits? (Hint: think about batteries that you
would use in a flashlight that requires two batteries.) Explain your answer.
The natural rate of unemployment is: a. equal to the seasonal unemployment
b. usually equal to 3 percent. c. the unemployment rate when none of the work force is unemployed for more than six weeks. d. the unemployment rate at which the economy is producing its potential GDP. e. defined by the government.
The _____________ the size of the potential customer base for a given product (for example, music), the ______________ is the variety of goods we are likely to see
A) larger; greater B) smaller; smaller C) larger; smaller D) smaller; greater E) a and b
In output markets, the elasticity of supply tends to be
A. positive. B. negative. C. zero. D. decreasing at an increasing rate.