Falling growth rates during the 2007-2009 recession occurred:
A. only in the United States.
B. in the United States and Canada, but not in Germany, the United Kingdom, or Japan.
C. only in the high-tech sectors of the U.S. economy.
D. in the United States, Canada, Germany, the United Kingdom, and Japan.
Answer: D
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If variables x and y move up and down together, they are
A) positively related. B) negative related. C) unrelated. D) trend related.
If a market is allocatively efficient,
a. firms are minimizing marginal cost b. firms are minimizing total cost c. consumers are minimizing expenditures d. it must be impossible to increase total utility e. it must be impossible to decrease output
The shutdown point of a perfectly competitive firm occurs at the minimum point of its average total cost curve
a. True b. False Indicate whether the statement is true or false
Because oligopoly markets have only a few sellers, the actions of any one seller
a. do not affect other sellers in the market. b. can have a large impact on the profits of other sellers in the market. c. will affect how other firms behave in the market. d. Both b and c are correct.