During a severe recession, we would expect output to fall the most in:
A. agriculture.
B. the construction industry.
C. the clothing industry.
D. the health-care industry.
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Historical data suggests that a trend toward ________ natural employment ________
A) larger, deficits from the early 1960s to the mid-1980s. B) larger, surpluses form the early 1960s to the mid-1980s. C) smaller, surpluses form the mid-1980s to 1995. D) larger, surpluses from the mid-1980s to 1995.
The success of a strike depends on the union's ability to
a. do all of the following b. reduce the supply of labor to the firm c. reduce the supply of scabs to the firm d. remain unified e. endure the strike
Economies of scale were initially seen between
A) 1800 and 1840. B) 1970 and 1980. C) 1840 and 1910. D) none of these choices.