Before 2000, the three most recent U.S. recessions occurred in
A) 1969-1973, 1979-1982, and 1994-1995.
B) 1973-1975, 1982-1985, and 1990-1991.
C) 1973-1975, 1981-1982, and 1990-1991.
D) 1981-1982, 1990-1991, and 1998-1999.
C
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Your textbook argues that the phrase "the distribution of income" is misleading because
A) income is not created in a market economy, only wealth is. B) it suggests that income is not earned in process of its creation and can simply be parceled out any which way policymakers wish. C) income in the form of wages and salaries can be negative, and therefore cannot be distributed. D) it is only related to ethical rather than economic considerations.
In the long run a company that produces and sells kayaks incurs total costs of $15,000 when output is 30 kayaks and $20,000 when output is 40 kayaks. The kayak company exhibits
a. diseconomies of scale because total cost is rising as output rises. b. constant returns to scale because average total cost is constant as output rises. c. diseconomies of scale because average total cost is rising as output rises. d. economies of scale because average total cost is falling as output rises.
Economics, generally speaking, is primarily concerned with:
A) the operation of the bond and stock markets. B) the issues of income inequality or income equality. C) how people choose among the alternatives available to them. D) ceteris paribus, the scientific method, and the margin.
If the profit-maximizing markup factor in a three-firm Cournot oligopoly is 2, what is the corresponding market elasticity of demand?
A. ?2/3 B. ?1/2 C. ?2.0 D. ?1.0