Which of the following statements describes the experiences of Chevron since it became independent in 1911?
A) strong uninterrupted growth in demand
B) long-run growth interrupted by periods of business cycle recession
C) little or no growth in the long run, and unaffected by the business cycle
D) little or no growth in the long run, but very vulnerable to the business cycle
Answer: B
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In the short run, an increase in the price level induces firms to expand production because
A) they can increase profits by increasing maintenance costs. B) higher prices allow firms to hire more inputs by offering higher prices for inputs, which increases productivity and profits. C) each firm must keep its production level up to the level of its rivals, and some firms will expand production as the price level increases. D) prices of inputs are held constant, so the higher prices for firms' products imply that it is profitable to expand production.
Prior to 2008, bank managers looked on reserve requirements
A) as a tax on deposits. B) as a subsidy on deposits. C) as a subsidy on loans. D) as a tax on loans.
Which of the following tends to make demand for a good more elastic?
a. A reduction in the number of substitutes for the good. b. Consumers have a long time to adjust to a price change. c. The amount spent on the good is a small proportion of the consumer's budget. d. The good is broadly defined. e. The good is a necessity.
In the hope of getting promoted, Inez agreed to work overtime at her job, which meant she could not meet with her study group as planned. If she impressed her boss, she would increase her paycheck. She could study for the exam on her own, even if it meant a slightly lower grade. What concept in economic decision making does this scenario represent?
a. trade-off b. efficiency c. net benefit d. money cost