A recession is a period of time in which real GDP falls
a. True
b. False
Indicate whether the statement is true or false
True
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In risk characterization, the quantitative component
a. can be presented asa probability b. might include a reference dose (RfD) to communicate non-carcinogenic health risks c. can be based on inferences instead of actual data d. all of the above
Comment on the following statement: "Diminishing marginal utility means that total utility falls when an additional unit of a good is consumed."
What will be an ideal response?
What must be true in terms of the income effect, the substitution effect, and the type of good for the good's demand curve to be upward sloping?
What will be an ideal response?
According to the circular-flow diagram, if Denny is the owner of a landscaping business and he just received $50 for mowing Mrs. Pendleton's lawn,
a. the $50 represents a cost of production for Denny's firm. b. the $50 represents wages, rent, and profit to Denny's firm. c. Denny acts as a firm who interacted in the markets for factors of production with Mrs. Pendleton. d. Denny acts as a firm who interacted in the markets for goods and services with Mrs. Pendleton.