Since World War II, the average length of recessions in the United States has been:
a. 2 months.
b. 11 months.
c. 2 years.
d. 3 1/2 years.
b
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Among the United States, Canada, Russia, India, and the United Kingdom, the country with the highest average income per person is
A) the United Kingdom. B) India. C) Canada. D) Russia. E) the United States.
When economists refer to a production cost that has already been committed and cannot be recovered, they use the term
a. implicit cost. b. explicit cost. c. variable cost. d. sunk cost.
Explain what human capital is and discuss how changes in human capital can affect output per worker
What will be an ideal response?
For the CPI to provide an accurate measure of the prices paid by urban consumers, it is necessary to
A) Assign equal weights to all the goods and services included in the market basket surveyed so that nothing is over-weighted. B) Have a market basket that is consistent and corresponds to what households actually purchase. C) Have prices stated in dollars so consumers can compare what they spend. D) Change the market basket each month to reflect the changes that consumers make