In order for a recession to occur real GDP would have to fall for at least _____ business quarter(s).
A. one
B. two
C. three
D. four
B. two
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Refer to the scenario above. Which of the following will happen if the equilibrium price charged by the firm in the short run is $130?
A) The firm will earn positive economic profits and continue production. B) The firm will incur a loss but continue production. C) New firms will enter the industry in the long run. D) All firms will incur losses in the long run.
Price leadership
a. is a form of explicit collusion b. works only when firms have dominant strategies c. is a form of tacit collusion d. reduces long-run economic profit for individual firms e. rarely is effective in setting prices in oligopolistic markets
If the price of a product decreases, we would expect:
A. Demand to increase B. Quantity supplied to decrease C. Supply to decrease D. Quantity supplied to increase
The total amount that the U.S. government spends to support a covered type of health care service under the Medicare system equals
A. the below-equilibrium, out-of-pocket price that consumers pay for the service times the quantity of the service demanded by consumers at that out-of-pocket price. B. the per-unit subsidy provided to producers of that service times the quantity of the service demanded by consumers at a below-equilibrium out-of-pocket price of the service. C. the below-equilibrium, out-of-pocket price that consumers pay for the service times the quantity of the service provided by producers at that out-of-pocket price. D. the per-unit subsidy provided to producers of that service times the equilibrium quantity of the service demanded at the market clearing price that would arise in the absence of Medicare.