How many quarters (3-month periods) must the "real" GDP decline to have the economy considered to be in a recession?
A) 1 B) 2 C) 3 D) 4
B
You might also like to view...
Can a country have a trade deficit forever?
What will be an ideal response?
Mr. Shades Sunglasses promotes its 'buy one, get one half price' offer in which customers who purchase one pair of sunglasses can purchase a second pair at half price. This is an example of ________ and is ________.
A) price discrimination; always illegal per se B) conditional sales; always illegal per se C) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly D) conditional sales; only illegal if the practice substantially lessens competition or tends to create a monopoly
Economists classify all of the following as capital, except one. Which one is not capital?
a. a $20 bill in a firm's petty cash drawer b. the building where our economics class meets c. a plumber's wrench d. a railroad car e. a factory
The application of game theory to economics allows us to understand firm behavior in some forms of oligopoly. Game theory suggests that in a two-firm industry, each firm will
a. avoid pricing high when the other prices low b. select high prices and defend that selection because, in the long run, their profits are higher than if they competed by lowering prices c. end up mistaking the other's intentions, which results in low prices and low profit for both in the long run d. end up colluding with the other to form a cartel e. agree with the other not to allow other firms to enter the industry