The so-called Great Recession in the U.S.:
A.
Is another name for the Great Depression
B.
Was the worst economic downturn since the Great Depression
C.
Was triggered by oil-supply shocks
D.
Was caused by a sharp increase in the value of the U.S. dollar
B.
Was the worst economic downturn since the Great Depression
You might also like to view...
Investment is a smaller component of GDP than consumption, but it is a more stable component
Indicate whether the statement is true or false
If a tariff is used to protect U.S. jobs,
a. income is transferred from consumers to protected producers. b. national production and income increase. c. national production rises but income decreases. d. the effect is neutral since imports are replaced by domestic goods.
If England uses one week's time to produce ten yards of cloth or two barrels of wine and Portugal uses one week's time to produce twelve yards of cloth or six barrels of wine, England has the comparative advantage in both goods
a. True b. False Indicate whether the statement is true or false
A characteristic of monopolistically competitive industries is that:
A. the entry and exit of firms causes the representative firm to break even in the long run. B. the representative firm produces at that level of output where marginal cost equals minimum average total cost. C. the representative firm is not very responsive to changes in consumer demand. D. there is product differentiation but only limited advertising of products by the representative firm.