Net entrants to the labor force is likely to be highest when the economy ________
A) is entering a recession
B) nears the peak of an expansion
C) has passed the peak of an expansion
D) begins to recover from a recession
D
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In monopolistic competition, in the long run firms produce
A) less output than that which minimizes their ATC. B) more output than that which minimizes their ATC. C) the amount of output that minimizes their ATC and their AVC. D) the amount of output that minimizes their ATC but not their AVC.
A 20 percent increase in the price of flour reduces flour consumption by about 10 percent. Such a price increase causes households to
a. spend less on flour. b. spend more on flour. c. spend the same amount on flour as before. d. consume more goods like salt and baking powder, which are flour complements.
Which of the following countries had the lowest level of real GDP per person in 2014?
a. Bangladesh b. Indonesia c. Mexico d. China
If you wanted to measure whether the output of an economy was increasing or decreasing across time periods, you would use the real GDP data rather than the nominal GDP data because
What will be an ideal response?