The best example of recessions being close to each other in the United States can be found in the
a. 1980s.
b. 1970s.
c. 1990s.
d. 2000s.
a
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An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 12 radios B. 3 radios C. 1/5 radio D. 1/3 radio
If demand and supply both decrease,
A. the equilibrium quantity definitely will decrease, and the market clearing price definitely will increase. B. the equilibrium quantity definitely will decrease, and the market clearing price definitely will decrease. C. the market clearing price definitely will decrease, but the change in the equilibrium quantity cannot be determined without more information. D. the equilibrium quantity definitely will decrease, but the change in market clearing price cannot be determined without more information.
If the long-run supply curve is upward sloping, we know that
A) entrepreneurs are earning higher profits as output expands. B) some input prices are increasing as the industry expands. C) firms are getting larger as the industry contracts. D) the law of diminishing marginal returns has set in.
Economists claim that measuring society's welfare as CS + PS
A) is inappropriate since ultimately everyone is a consumer. B) is valid only when the same person could be either a consumer or a producer. C) treats the gains to consumers and producers equally. D) is not commonly accepted.