Which of the following is true about the United States?
A. There have been recessions approximately every ten years.
B. The pattern of recessions does not occur on a regular basis.
C. Periods of economic growth and recessions occur in two-year patterns.
D. Recessions always last less than one year.
E. Recessions in the United States are generally more severe than they are in other countries.
Answer: B
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What is the aspect of imperfect competition that is most distinct from perfect competition?
A) free entry/exit B) perfect information C) differentiated products D) zero profits
Which of the following has contributed to developing countries' poor economic performance?
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In the diagram, the economy's long-run aggregate supply curve is shown by line:
A. 1.
B. 2.
C. 3.
D. 4.