A growth recession is said to occur when the economy grows at a
A. Slower rate in the current year than the preceding year.
B. Rate less than that of population.
C. Rate less than the long-term average.
D. Negative rate.
Answer: C
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An oligopoly is a market situation in which
A) there are many firms producing differentiated products. B) there is a single firm producing several varieties of a product. C) all the sellers act independently of the others. D) there are very few sellers and they recognize their strategic dependence on one another.
Refer to the table below. The total variable cost of producing 5 units is:
A. $10
B. $14.60
C. $63
D. $73
On a balance sheet, stockholder's equity is equal to
A) assets minus liabilities. B) long-term liabilities minus current liabilities. C) total assets minus goodwill. D) the total value of outstanding shares of stock.
The equation, ?Y/Y = ?A/A + aK?K/K + aN?N/N, is known as
A) the production function. B) the Solow model. C) the productivity formula. D) the growth accounting equation.