Which of the following terms refers to an unusually severe, prolonged recession, typically with an unemployment rate that exceeds 20%?
A) Depreciation B) Deflation C) Inflation D) Depression
D
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When one party suffers negative external effects due to the actions of another party, a lawsuit may not lead to the efficient outcome if:
A) property rights are not clearly assigned. B) the parties have incomplete information. C) the legal costs of the lawsuit are too high. D) All of the above
Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of baseball cards. The opportunity cost to Tommy of an extra packet of baseball cards is
A. one video game rental. B. two video game rentals. C. the cost of the baseball cards. D. he does not incur an opportunity cost.
Keeping in mind economists' definition of factors of production, which of the following is NOT a factor of production?
A) money B) low-skilled labor C) coal D) an engineer
When managers in oligopolistic firms make decisions that affect output or price, they must
A) also be sure they erect barriers to entry to prevent new entrants from affecting their plans. B) anticipate the reactions of their rivals and plan accordingly. C) register with the Antitrust Division of the Department of Justice. D) inform the regulators of their industry about their plans.