A severe and prolonged recession is called
A. a trough.
B. a depression.
C. a slump.
D. a stagnation.
Answer: B
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If the domestic producers of a good benefit from free trade, it suggests that the country:
A. is a net importer of that good. B. does not have an absolute advantage in that good. C. does not have a comparative advantage in that good. D. is a net exporter of that good.
If the two goods in an Edgeworth Box are perfect complements for both people, all efficient allocations will have each person getting the same amount of good 1 as of good 2.
Answer the following statement true (T) or false (F)
According to the "Rule of 70," it will take 4 years for real GDP per capita to double when the growth rate of real GDP per capita is
A) 4 percent. B) 12.25 percent. C) 17.5 percent. D) 28 percent.
The long-run average cost curve indicates
a. the lowest average costs of production at each level of output. b. the lowest average costs of production for each plant size. c. the lowest point along each of the firm’s short-run average total cost curves. d. the lowest point along each of the firm’s short-run marginal cost curves.