A recession is a period of time in which the total output of the economy rises.
Answer the following statement true (T) or false (F)
False
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Initially, workers in the shoe industry and the computer industry earn the same wage. Reductions in trade barriers give domestic consumers access to cheaper shoes produced abroad, so domestic shoe prices fall. At the same time, foreign consumers purchase more computers, raising the relative price of computers. As a result of these changes, wages in the shoe industry ________ and wages in the computer industry ________.
A. increase; increase B. decrease; increase C. increase; decrease D. decrease; decrease
What characteristic do both human and physical capital share?
A) Both are controlled by the government. B) Current costs are incurred for future benefits. C) The use of both exhibits rivalry. D) They can easily be transferred to new ownership.
An externality that is NOT fully paid by the individual using an automobile is
A) insurance for the vehicle. B) gasoline for the vehicle. C) air pollution from the vehicle. D) operation of the vehicle.
A cost center can be asked to achieve one of two typical objectives. A cost center can either minimize costs for a given output or it can:
A. maximize revenue for a given price. B. maximize output for a given budget. C. minimize output for a given budget. D. maximize returns for a given budget.