It has become conventional to classify an economic downturn as a ________ when aggregate ________ declines for two consecutive quarters.
A. trough; demand
B. recession; output
C. depression; supply
D. deflation; spending
Answer: B
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During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be
A) success for only the countries that raised tariffs first. B) success for firms that had a comparative advantage in manufactured goods rather than agricultural goods. C) reduced exports and volume of trade for everyone. D) increased incomes in the countries that pursued this policy.
The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at efficient scale
a. True b. False Indicate whether the statement is true or false
Efficiency is attained when
a. total surplus is maximized. b. producer surplus is maximized. c. all resources are being used. d. consumer surplus is maximized and producer surplus is minimized.
From 1860 to 1910, U.S. mobility between social classes and occupations
(a) distracted immigrants. (b) increased the potential migrant's opportunity cost of staying in Europe. (c) attracted immigrants to the U.S. (d) decreased foreign investment in the U.S.