Recessions in the United States typically are:
A. widely felt outside the United States.
B. confined to the domestic economy.
C. limited to specific regions of the country.
D. limited to a few industries.
Answer: A
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An increase in consumer confidence would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
The financial crisis that began in 2007:
a. was predicted in detail by Alan Greenspan and Ben Bernanke. b. was centered on subprime lending and the complex financial instruments based on subprime loans. c. was caused by a downturn in the stock market. d. None of the above are correct.
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, a new general equilibrium will eventually be reached in sector X with a price of ________ and a quantity of ________.
A. P1; Q0 B. P1; Q1 C. P0; > Q1 D. P0; Q0
The table below shows cost data for a firm that is selling in a purely competitive market.OutputAverage Variable CostAverage Total CostMarginal Cost10$5.00$15.00$3124.0013.004144.7511.506165.759.009209.0012.0014Refer to the above cost chart. The lowest output level on this firm's short-run supply curve is:
A. 16. B. 10. C. 12. D. 20.