Since 1925, the longest recession in the United States lasted:
A. 120 months.
B. 43 months.
C. 60 months.
D. 21 months.
Answer: B
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Demand curves for the services of productive resources
A) have no meaning, because people must have income in order to live. B) obey the law of demand. C) tend to be perfectly elastic in the long run because any resource can ultimately function as a substitute for any other. D) tend to be perfectly inelastic in the short run as long as production processes are determined by technology.
As one moves down and along a budget line, its slope decreases
a. True b. False Indicate whether the statement is true or false
As an additional consumer obtains the benefits of a public good such as national defense, the benefits to existing consumers: a. decline
b. increase. c. increase in the short run, but decrease in the long run. d. do not change.
For a particular competitive firm, the minimum value of average variable cost (AVC) is $12 and is reached when 200 units of output are produced. For the same firm, the minimum value of average total cost (ATC) is $15 and is reached when 230 units of output are produced. Which of the following statements is correct?
a. In the short run, the firm will shut down if the price of its product is $14. b. In the long run, the firm will shut down if the price of its product is $11. c. For this firm, the minimum value of variable cost (VC) is $2,400. d. If the firm's fixed cost (FC) amounts to $500, then the firm cannot earn a positive profit unless the price of its product exceeds $16.