Which term describes an especially lengthy and deep recession?
a. peak
b. depression
c. recession
d. trough
b. depression
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When a rent-seeking equilibrium is reached, the
A) economic profit is maximized. B) economic profit is eliminated by legislation. C) economic profit is eliminated. D) consumer surplus is greater than without rent seeking. E) consumer surplus is eliminated.
The marginal rate of technical substitution is
A) the rate at which a firm is able to institute positive technological changes to its production process. B) the rate at which a firm is able to increase its output by replacing labor with technology. C) the rate at which a firm is able to substitute one input for another, while keeping the level of output constant. D) the rate at which a firm is able to substitute one input for another, while keeping total cost constant.
In an economy with a population of 100 million persons, 40 million hold civilian jobs and 9 million are not working but are looking for jobs. The number counted as unemployed is
A) 91 million. B) 9 million. C) 51 million. D) 40 million. E) 49 million.
Refer to Figure 11.1. Assume aggregate demand is represented by AD1 and full employment output is $6.0 trillion. The equilibrium level of income is
A. $6.2 billion. B. $6.0 trillion. C. $5.0 trillion. D. $5.8 trillion.