All of the following statements are correct EXCEPT:
A. Economies grow steadily over time.
B. There are unemployed people even during expansions.
C. A trade surplus exists when a country exports more than it imports.
D. Unemployment increases during recessions.
Answer: A
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In the above figure, assume d1 is the demand curve faced by this firm. Which is TRUE?
A) This firm is earning an economic profit. B) This firm is experiencing an economic loss. C) This firm is breaking even. D) This firm's total costs equal EJA0.
At the start of the Civil War, the South adopted a trade policy that did not
a. discourage exports to England. b. ban sales of cotton to the North. c. eventually move England from neutrality in the Civil War. d. weaken the southern war effort.
Historical note: Most of the failures (per year) of thrift institutions, such as savings and loan associations, occurred in
a. the late 1950s b. the early 1970s c. 1945 d. 1980–1982 e. 1988–1991
Which of the following is not held constant in a supply schedule?
a. production technology b. the price of the good c. the prices of inputs d. expectations