According to employment studies, what is the most productive day of the week?
a. Monday
b. Tuesday
c. Wednesday
d. Thursday
B
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The golden rule of profit maximization states that any firm maximizes profit by producing where
a. demand is unit elastic, and total revenue is greatest b. price equals average revenue c. price equals marginal revenue d. price equals marginal cost e. marginal revenue equals marginal cost
Answer the following statements true (T) or false (F)
1. Prior to 2006, the most severe trough in a U.S. business cycle since the Great Depression occurred in 1981–1982. 2. Psychological forces usually tend to moderate cyclical movements of the economy. 3. A recession is defined as a period in which real GDP is negative for two consecutive quarters. 4. Interest rates usually rise during the contraction phase of the business cycle. 5. The level of business activity at any time is affected by the trend, seasonal variations, random fluctuations, and cyclical fluctuations.
The amount of inflation caused by expansionary monetary policy depends on the slope of the aggregate supply curve.
Answer the following statement true (T) or false (F)
________: defined by the income available for consumption and the prices that a consumer faces
Fill in the blank(s) with correct word