What has been the range for the duration in months of U.S. recessions between 1950 and 2009?
A. 2 months to 5 months
B. 6 months to 18 months
C. 19 months to 25 months
D. 26 months to 30 months
B. 6 months to 18 months
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Aggregation allows economists to ________ at the cost of ________.
A. make normative statements; ignoring positive analysis B. make positive statements; ignoring normative analysis C. see the big picture; obscuring the details D. see the details; obscuring the big picture
Import restrictions create an incentive to smuggle
Indicate whether the statement is true or false
When the efficient quantity of output is produced
A) the marginal social benefit of the last unit produced is equal to the marginal social cost of the last unit produced. B) the sum of consumer surplus and producer surplus is maximized. C) resources are used in the activities in which they are most highly valued. D) All of the above answers are correct.
If all international factor payment flows are investment income, then net investment income from abroad equals
A) net exports. B) the current account balance. C) the trade balance. D) net income from abroad.