An informal definition of a recession is at least ________ consecutive quarters of declining real GDP.
A. six
B. eight
C. two
D. four
Answer: C
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The slope of a downward-sloping straight line can be calculated as the distance from the
A. horizontal intercept of the line to the origin divided by the distance from the origin to the vertical intercept of the line. B. origin to the horizontal intercept of the line minus the distance from the origin to the vertical intercept of the line. C. vertical intercept of the line to the origin divided by the distance from the origin to the horizontal intercept of the line. D. vertical intercept of the line to the origin minus the distance from the origin to the horizontal intercept of the line.
If there are increasing returns to scale, then it makes sense to consolidate operations into one production facility
A) if production above domestic demand can be exported. B) only if the consolidation creates an absolute advantage versus other trading partners. C) if the government subsidizes production. D) Never, because then you lose the possibility of comparative advantage gains between the production facilities.
This profit-maximizing (loss-minimizing) firm charges a price of _______.
A. $35
B. $40
C. $45
D. $55
The budget deficit/surplus projections for 2005 that were made in 2001 were wrong, because there was an
A. unanticipated increase in homeland security spending. B. anticipated increase in defense spending. C. anticipated increase in immigration. D. unanticipated increase in interest rates.