An informal definition of a recession is at least ________ consecutive quarters of declining real GDP.
A. eight
B. two
C. four
D. six
Answer: B
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In a world lacking property rights, it would be ________ to realize the gains from trade and there would be ________ specialization
A) easier; less B) easier; more C) harder; less D) harder; more
When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:
A) producing at a suboptimal level. B) minimizing total cost of production. C) earning the same level of profits. D) producing the same level of output.
If the United States has a current account deficit and the capital account is zero, which of the following must be true?
A) The balance on the financial account must equal the balance on the current account. B) Domestic public saving must be less than net foreign investment. C) Net foreign investment must be negative as well. D) Domestic private saving must be less than net foreign investment.
If the demand curve facing a monopoly was 1 unit at $7, 2 units at $6, 3 units at $5, 4 units at $4, and 5 units at $3, the marginal revenue from selling the third unit of output:
a. is $5. b. is $4. c. is $3. d. is $1.