In a recession, typically
A) the labour force participation rate increases.
B) the employment-to-population ratio decreases.
C) the employment-to-population ratio increases.
D) unemployment decreases.
E) none of the above.
B) the employment-to-population ratio decreases.
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An increase in a retailer's "overhead expenses"
A) compels the retailer to raise prices. B) enables the retailer to raise prices. C) makes it profitable for the retailer to raise prices. D) does not in itself make higher prices necessary, possible, or profitable.
If a firm is maximizing profits, the extra revenue it receives from selling its last unit of output exceeds the extra cost of producing that unit
Indicate whether the statement is true or false
Japan experienced periods of deflation — a declining price level — during the 1990s. During a deflationary period, which would be higher: nominal GDP or real GDP? Why? Assume that the base year of choice is prior to the deflationary period
What will be an ideal response?
Refer to above figure. In the absence of trade, what is the country's consumer surplus?
What will be an ideal response?