A recession will occur if an economy's actual GDP ____ its potential GDP
a. rises above
b. equals
c. falls below
d. grows faster than
c
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If a perfectly competitive firm is producing an output level for which MR equals $5, MC equals $6, and ATC equals $4, the firm
a. is earning a profit but should reduce output. b. is earning a profit and should increase output. c. is suffering a loss and should reduce output. d. is suffering a loss but should increase output.
The market structure for the airline industry is determined by:
A.) the number of carriers servicing a given route. B.) the fares charged by competing airlines. C.) the number of routes available. D.) the price charge for flights.
The position of the long-run aggregate supply curve is determined by
A. the interest rate effect. B. the production possibilities curve. C. the long-run aggregate demand curve. D. the open economy effect.
Although based in the United States, IBM is a global company with more than ________ of its revenue earned outside of the United States
A) one-fourth B) one-third C) one-half D) two-thirds