Recessions are periods of declining economic activity
a. True
b. False
Indicate whether the statement is true or false
True
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The aggregate supply curve (short run) ________.
A. graphs as a horizontal line B. slopes downward and to the right C. slopes upward and to the right D. graphs as a vertical line
The largest component of federal government spending is for
A) Medicare and Medicaid. B) interest on the national debt. C) prisons. D) national defense. E) education.
According to Linder, the gains from international trade come about because consumers are exposed to
A) a greater variety of goods. B) increasing returns to scale. C) imperfect competition. D) None of the above.
Concentration increases in an industry
a. if the larger firms gain control of important resources, squeezing out smaller firms. b. if some firms become technologically superior over time. c. if innovation increases plant size of some firms and lowers their cost. d. All of the above are correct.