In? 2017, the Bureau of Labor Statistics? (BLS) analyzed and revised its employment data for the period December 2007-December 2010. According to that? revision, the recession of 2007-2009
What will be an ideal response?
was more severe than economists and policymakers realized at the time.
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The opportunity cost of a good increases as more of it is produced because
A) producing more of a good requires additional resources. B) the number of forgone alternatives also increases. C) resources are not equally productive in all activities. D) people want the good less as more is produced. E) there is no such thing as a free lunch.
Jonathan likes to consume pizzas and burgers. If both the goods have diminishing marginal utility, then Jonathan's indifference curve is likely to be _____
a. a straight line b. downward sloping c. L-shaped d. U-shaped
Which of the following is not correct?
a. China allows only one child per family and couples that violate this rule are subject to substantial fines. b. In developed countries, population growth is consistently about 3 percent per year; in developing countries it is consistently about 5 percent per year. c. Educational attainment tends to be lowest in countries with the highest population growth. d. Economists generally believe that a country that decreases a high population growth rate can increase its economic growth rate.
The problem faced by farms in the long run as portrayed in the diagram would involve price and quantity changes from:
A. P 2 to P 3 and Q 1 to Q 4 .
B. P 1 to P 4 and Q 1 to Q 4 .
C. P 2 to P 1 and Q 1 to Q 2 .
D. P 4 to P 1 and Q 4 to Q 1 .