The record for the longest U.S. economic expansion started in March ______ and ended in March ______.
Fill in the blank(s) with the appropriate word(s).
1991; 2001
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Explain the following statement: Individuals with different tastes might have the same tastes at the margin at their current consumption bundles.
What will be an ideal response?
The fourth stage in the regulatory process is
A) a crisis. B) response by the financial system. C) regulation. D) regulatory response.
Which of the following is true of transfer programs? a. They involve redistributing income from lower-income individuals to higher-income individuals. b. They place a high implicit tax on work
c. They increase the opportunity cost of leisure. d. They indirectly help in decreasing the unemployment rate in an economy. e. They result in an increased productivity of labor and a rise in the total output of an economy.
In a competitive market the current price is $5 . The typical firm in the market has ATC = $5.50 and AVC = $4.50
a. In the short run firms will shut down, and in the long run firms will leave the market. b. In the short run firms will continue to operate, but in the long run firms will leave the market. c. New firms will likely enter this market to capture any remaining economic profits. d. The firm will earn zero profits in both the short run and long run.