A period of decline in total output, income, employment, and trade, lasting six months or longer, is defined as a:
A. trough.
B. secular trend.
C. business cycle.
D. recession.
Answer: D
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John has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A) experience good. B) credence good. C) logo good. D) information good.
Which of the following would increase the current account balance of the United States?
A) an increase in the balance of trade B) an increase in imports C) an increase in the amount of income U.S. companies pay out to foreigners who own investments in the United States. D) an increase in the amount of money the U.S. government sends in foreign aid to other countries
When a firm increased its output by one unit, its AC decreased. This implies that
A) MC < AC. B) MC = AC. C) MC < AFC. D) the law of diminishing returns has not yet taken effect.
The returns from productive capital investment are determined by interest rates
Indicate whether the statement is true or false