A business cycle
a. is ups and downs in the level of economic activity over time
b. is irregular and unpredictable
c. has existed since recorded history
d. all
Ans: d. all
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Refer to the table above. Laborland's net factor payments from abroad equal ________
A) -$18 billion B) -$20 billion C) $25 billion D) $20 billion
For state nonmember banks, the "primary" federal regulator is the
A) Federal Reserve. B) FDIC. C) House Banking Committee. D) Comptroller of the Currency.
In the long run, a firm is said to be experiencing decreasing returns to scale if a 10 percent increase in inputs results in
A) an increase in output from 100 to 110. B) a decrease in output from 100 to 90. C) an increase in output from 100 to 105. D) a decrease in output from 100 to 85.
Inefficient use of resources leads to:
a. production bundles inside the production set. b. production bundles outside the production set. c. a reduction in the production set. d. production of a combination on the production set.