Since 1970, the United States has experienced ________ recessionary periods and ________ inflationary periods.
A. 2; 4
B. 3; 0
C. 8; 1
D. 5; 2
Answer: D
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According to the principle of diminishing returns, if all factors of production but one are held constant and if that one factor is doubled, then eventually output will most likely
A) double too. B) more than double. C) less than double. D) remain unchanged.
A decrease in the amount of human capital acquired by workers will lead to decrease in the supply of labor
Indicate whether the statement is true or false
A labor union acts as a monopsony seller of labor.
Answer the following statement true (T) or false (F)
In the long run, the price charged by the monopolistically competitive firm attempting to maximize profits:
A. must be less than ATC. B. must be more than ATC. C. may be either equal to ATC, less than ATC, or more than ATC. D. will be equal to ATC.