A recession is when GDP is falling toward a trough.
a. true
b. false
Ans: a. true
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Exhibit 6-15 Long-run average cost
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Given the short-run average total cost curves in Exhibit 6-15, what level of output per week minimizes average total cost?
A. 500 units. B. 1,000 units. C. 1,500 units. D. 2,000 units.
Why does the government grant patents universally rather than just to those products that would not be developed without a patent?
What will be an ideal response?
The services of real estate brokers are provided in a competitive market. If the state Board of Realtors enacts several requirements that limit the number of real estate brokers, which of the following is most likely to occur?
A) The supply curve of real estate brokers will shift to the left. B) The supply curve of real estate brokers will shift to the right. C) Social welfare will remain unchanged. D) The supply curve will remain unchanged.
Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so, how?
What will be an ideal response?