Only government restrictions serve as entry barriers.
Answer the following statement true (T) or false (F)
False
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How many of the following business cycle facts can be explained if the primary cause of business cycles is temporary changes in total factor productivity: procyclical consumption, procyclical investment, procyclical employment, and procyclical real
wages? A) one B) two C) three D) four
A consumer values a car at $30,000 and a producer values the same car at $20,000 . If the transaction is completed at $24,000 . what level of sales tax will result in unconsummated transaction?
a. 0% b. 25% c. 20% d. 40%
A good is produced by a firm in 2009, added to the firm's inventory in 2010, and sold to a household in 2010 . As a result, on net,
a. 2009 GDP increased and 2010 GDP decreased. b. 2009 GDP decreased and 2010 GDP increased. c. 2009 GDP did not change and 2010 GDP increased. d. 2009 GDP increased and 2010 GDP did not change.
Which of the following resulted from the Smoot-Hawley trade bill of 1930?
A) The stock market began a steady recovery from the crash of October 1929. B) Imports decreased, while exports increased, resulting in an overall increase in GDP and tariff revenues. C) The higher tariff rates increased federal revenues and led to a balanced budget the year after passage of the bill. D) The unemployment rate, which stood at less than 8 percent when the bill was passed, soon soared to double-digit levels.