Recovery in the United States after the Great Recession can be characterized as:
a. U-shaped
b. L-shaped
c. V-shaped.
d. W-shaped.
.A
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In the one-input model, a convex producer choice set implies an upward sloping marginal cost curve.
Answer the following statement true (T) or false (F)
Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
A) 5 bottles of water and 5 hamburgers B) 4 bottles of water and 6 hamburgers C) 6 bottles of water and 5 hamburgers D) 6 bottles of water and 6 hamburgers
Lizzie's budget line is shown in the figure above. The relative price of a magazine is ________ per magazine
A) 2 cookies B) 0.5 of a cookie C) $1 D) $2
Some contend that the outcome of any free market is ultimately inequitable because
A. some people become rich while others remain very poor. B. public goods will be underprovided by the government. C. periods of unemployment and inflation still occur. D. firms are not forced to take external costs into account.