The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)

Since 1970, as a percent of GDP, M1 held has steadily decreased. Which of the following can account for this fact?

A) Real GDP has increased since 1970. B) The price level has risen since 1970. C) The nominal interest rate has steadily risen since 1970. D) The nominal interest rate has steadily fallen since 1970. E) Credit cards have become more widely available since 1970.

In the short run, a sales tax is:

a. wholly absorbed by the producer. b. shared between the consumer and the producer. c. deferred until the market is able to re-establish an equilibrium price. d. wholly absorbed by the consumer.

Over the past century, the main factor responsible for rising living standards in the United States has been productivity growth.

Answer the following statement true (T) or false (F)

Suppose that a small business takes in monthly revenue of $200,000 . Labor, rental, energy, and other purchased input costs come to a total of $170,000 . The owner/entrepreneur's monthly opportunity cost of her time invested in the business is $5,000 (this is what she could earn working elsewhere), and the owner/entrepreneur could get a return of $5,000 each month if she sold her business and

invested the net proceeds in a financial asset such as a treasury bond. Which of the following correctly describes her monthly economic profit? a. $200,000 b. $190,000 c. $30,000 d. $20,000