A natural event, such as earthquakes and floods, can trigger a business cycle, according to advocates of the
a. external cycle theory
b. housing cycle theory
c. innovation cycle theory
d. internal cycle theory
e. real business cycle theory
B
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The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, the deadweight loss equals ________
A) $400 B) $200 C) $800 D) $1600 E) $100
Research has shown that nations with highly independent central banks tend to have low
A) inflation. B) interest rates. C) economic growth. D) unemployment.
Whether the firm produces or shuts down in the short run, fixed cost is equal to
a. average variable cost b. total cost c. sunk cost d. price e. marginal cost
Centrally planned economies are able to cope with environmental pollution issues much better than capitalist countries.
Answer the following statement true (T) or false (F)