Through 2012, the most serious U.S. trough since the Great Depression was the one that occurred in
a. 1991.
b. 2001.
c. 1974–1975.
d. 2008–2010.
d. 2008–2010.
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An increasing-cost industry is so named because of the positive slope of which curve?
A) Each firm's short-run average cost curve B) Each firm's short-run marginal cost curve C) Each firm's long-run average cost curve D) Each firm's long-run marginal cost curve E) The industry's long-run supply curve
If individual X has comparative advantage in painting and individual Y has comparative advantage in carpentry, then
A) individual X must use fewer hours to paint a fence than individual Y. B) individual Y will specialize in painting. C) there is a lower opportunity cost (expressed in units of carpentry) for individual X to paint than for individual Y to paint. D) specialization will not occur, since each does not have a clear absolute advantage.
The cost to firms of changing prices
A) is small even when there is rapid inflation. B) is called a menu cost. C) does not exist if inflation is perfectly anticipated. D) all of the above
If as the variable on the Y-axis rises the variable on the X-axis rises, the relationship between X and Y is said to be a positive relationship.
Answer the following statement true (T) or false (F)