Which statement is true?
A. The recessions of 1973-1975 and 1981-1982 were both mild.
B. The recessions of 1973-1975 and 1981-1982 were both severe.
C. The recession of 1973-1975 was mild; the recession of 1981-1982 was severe.
D. The recession of 1973-1975 was severe; the recession of 1981-1982 was mild.
B. The recessions of 1973-1975 and 1981-1982 were both severe.
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The above figure shows the marginal benefit to a firm of polluting in the local river while producing its output, and the marginal cost to the firm's neighbor. The marginal cost of production is zero for the firm
If there is just one neighbor who owns the river, how much pollution is likely to occur? A) 0 units B) 500 units C) 1000 units D) more than 1000 units.
Suppose that a regulatory agency has imposed marginal cost pricing on a natural monopolist. We expect that
A) the firm will earn only a normal profit. B) the firm's average total cost of production is rising over the relevant range of production. C) the firm will earn economic profits. D) the firm will eventually go out of business.
Data suggest that which of the following are necessary for high rates of economic growth?
A) private property rights. B) free markets. C) clear incentives. D) all of these choices.
The only difference between adaptive and rational expectations is that the theory of adaptive expectations assumes economic agents to be irrational
a. True b. False Indicate whether the statement is true or false