An economic condition characterized by high unemployment and excessive inflation is called
A. depression.
B. expansionary growth.
C. recessionary downturn.
D. stagflation.
Answer: D
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Which of the following will cause an increase in the marginal product of capital (MPK)?
A) a decrease in the quantity of labor in use B) an increase in labor productivity C) a decrease in the quantity of capital in use D) all of the above E) none of the above
Abstraction is unnecessary when economic analysis is done properly.
Answer the following statement true (T) or false (F)
People who are risk averse dislike bad outcomes more than they like comparable good outcomes
a. True b. False Indicate whether the statement is true or false
Under which conditions might diseconomies of scale result?
A. hampered coordination brought about by bureaucracy B. increasing costs of inputs C. the firm uses a large amount of indivisible inputs D. both hampered coordination brought about by bureaucracy and increasing costs of inputs