In the recession of 2007-2009, the unemployment rate first began to increase sharply
A. in the first quarter of 2007.
B. in the fourth quarter of 2007.
C. in the first quarter of 2008.
D. in the third and fourth quarters of 2008.
Answer: D
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In the graph for the consumption function, the 45-degree line
A) contains only a consumption component.
B) represents both planned consumption and planned investment.
C) shows various combinations where planned consumption equals real disposable income.
D) reflects a decreasing APC as real disposable income rises.
Peter's Pencils is a perfectly competitive company producing pencils. Suppose Peter is producing 1,000 pencils an hour. If the total cost of 1,000 pencils is $500, the market price per pencil is $2, and the marginal cost is $2, then Peter
A) makes an economic profit because marginal revenue is equal to marginal cost at this output level. B) should decrease his output to increase his profit. C) is maximizing his profit and is making an economic profit. D) should increase his output to increase his profit. E) is not maximizing his profit but is making zero economic profit anyway.
________ is the sunk cost for a perfectly competitive firm in the short run, whether the firm produces or shuts down
a. Variable cost b. Fixed cost c. Marginal cost d. Total cost
Efficiency is achieved
A. when consumers are able to buy everything that they want. B. when producers are getting the maximum possible output from the available resources. C. when prices of all goods and services go to zero. D. when output is being produced at a point inside a production possibilities curve.