The official dating of recessions is done by
A. the President.
B. the Council of Economic Advisors.
C. the Congress.
D. the National Bureau of Economic Research.
Answer: D
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Money serves as a medium of exchange when:
A. it is a basic measure of economic value. B. it is a means of holding wealth. C. it is used to purchase goods and services. D. there is direct trade of goods and services.
An industry with a high concentration ratio might still be competitive if
A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.
In a market where the equilibrium price is $7, any price lower than $7 would cause
a. a balanced demand and supply b. an excess supply c. an excess demand d. none of the above
Suppose Japan has a comparative advantage over Canada in the production of DVDs. This means that Japan:
A. needs fewer resources to produce DVDS than does Canada. B. has better technology for producing DVDs than does Canada. C. has a lower opportunity cost of DVD production than does Canada. D. can produce more DVDs in a given period of time than can Canada.