Recall the Application about the factors involved in causing recessions, and the causes of recessions in the United States from 1893 to 1990 to answer the following question(s).Recall the Application. Recessions can occur either when there is a(n) ________ in aggregate demand or a(n) ________ in aggregate supply.
A. increase; increase
B. increase; decrease
C. decrease; decrease
D. decrease; increase
Answer: C
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When costs that vary with the level of output are divided by the output, you have calculated:
A. total changing cost. B. total fixed cost. C. average fixed cost. D. average variable cost.
If U.S. workers are paid $16 an hour and Indian workers are paid the equivalent of $4 an hour but U.S. workers can produce four times as many goods as Indian workers in the same amount of time:
A. production will migrate to the United States. B. there is no reason to move production from the United States to India. C. production will migrate to India. D. workers in the United State are paid too much.
For perfectly competitive firms,
A. total revenue equals price. B. marginal revenue equals price. C. marginal revenue equals total revenue. D. all of the above
Refer to the data provided in Table 9.3 below to answer the following question(s). Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. The lowest output this firm would produce before shutting down is ________ units.
A. 1 B. 2 C. 3 D. 4