A recession is characterized by:
A. a period of significant increase in economic activity.
B. falling GDP.
C. constant unemployment.
D. an increase in the general price level.
B. falling GDP.
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Tiffany gives $50 to Jeremy for his birthday. This is an example of a(n)
A) involuntary transfer. B) involuntary-voluntary transfer. C) voluntary transfer. D) gift. E) c and d
The MFC can be calculated by the
A. total wages/total labor. B. change in labor/change in total wages. C. change in total wages/change in labor. D. total wages/change in labor.
As output increases,
A. ATC reaches a minimum before AVC. B. AVC reaches a minimum before ATC. C. ATC and AVC reach a minimum at the same output. D. there is no way to determine whether ATC or AVC will reach a minimum first.
Refer to the diagram and assume the economy is operating at equilibrium point w. In the short run, an increase in the price level from P 2 to P 3 would move the economy from point w to point:
A. v.
B. x.
C. u.
D. z.