The term recession refers to
A. a period of decline in real GDP for two business quarters.
B. a fall in the general level of real wages.
C. a fall in the CPI.
D. a fall in the rate of increase of real per capita GDP.
A. a period of decline in real GDP for two business quarters.
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In the long run, a perfectly competitive firm maximizes profit so P = MC = AC.
Answer the following statement true (T) or false (F)
A nation can produce at a point outside its PPF
A) when it trades with other nations. B) when it produces inefficiently. C) when its PPF is bowed out. D) never.
When economy-wide business activities are increasing, they are referred to as
A) contractions. B) expansions. C) anti-cycles. D) corrections.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country A has the absolute advantage in the production of:
A. iPods only. B. tablets only. C. both iPods and tablets. D. neither iPods nor tablets.