A period in which the economy is growing at a rate significantly below normal is called a(n):
A. recession.
B. peak.
C. boom.
D. expansion.
Answer: A
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From 1995-2007, the Irish economy ________
A) suffered from severe unemployment, famine and labor migration B) witnessed a boom in the real economy, but suffered through a collapse in asset prices C) enjoyed one of the highest growth rates in the world D) suffered through a period of prolonged deflation
If the United States buys inputs from France and the dollar appreciates relative to the euro, then Americans will have to pay ________________ for foreign inputs, and the U.S. SRAS curve will shift __________________
A) less; rightward B) less; leftward C) more; rightward D) more; leftward
Independent unions:
A. have greater combined membership than the AFL-CIO. B. are not affiliated with the AFL-CIO or Change to Win. C. include the United Autoworkers and United Steelworkers. D. have about the same combined membership as the AFL-CIO.
If a firm faces perfectly competitive product and factor markets and the marginal product of labor and capital are 4 and 9, respectively, while the wage rate is $2 and the rental rate on capital is $4, the firm should
A) use relatively more labor. B) use relatively less labor. C) increase all inputs proportionately. D) decrease all inputs proportionately.