The most severe recession since WWII was in
A. 1973-1975.
B. 1981-1982.
C. 2007-2008.
D. 1991-2001.
C. 2007-2008.
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If a firm in a monopolistically competitive market has a demand curve shifting to the right, it could be that:
A. negative economic profits are being earned. B. firms are leaving the market. C. the selling price is less than the average total cost of the firm. D. All of these statements are true.
Answer the following statement(s) true (T) or false (F)
1. Firms have an incentive to practice planned obsolescence, because it increases their volume of sales and gives them higher profits. 2. Artists as a whole would be better off if they received royalty payments each time their work was resold. 3. If an annual tax of $560 per acre is levied on land, then land values will fall by $560 per acre. 4. If water can be bottled at zero marginal cost, and if water prices are growing slower than the rate of interest, then owners would benefit by increasing their current bottling operations. 5. The market interest rate equals the absolute slope of the representative agent's indifference curve at the endowment point, minus 1.
Which scenario below most accurately describes the process by which a technological change can affect employment patterns across industries?
A) A technological advance makes it possible to produce more of good X with less labor. As a result, labor is released from producing good X. Some of this labor ends up producing goods Y and Z. B) A technological advance makes it possible to produce less of good X with less labor. As a result, labor is released from producing good X. Some of this labor ends up producing good Y. C) A technological advance makes it possible to produce more of good X with more labor. As a result, more labor is needed to produce good X. There is less labor available to produce goods Y and Z. D) A technological advance makes it possible to produce more of good X with less labor. As a result, labor becomes more important to the production of good X. More labor ends up producing good X. E) none of the above
Combined, local, state, and federal governments in the United States directly employ about ________ percent of all workers.
A. 2 B. 6 C. 14 D. 27