Many economists describe the 2007-2009 period in the United States as being a condition of a(n)
a. deflationary gap.
b. recessionary gap.
c. inflationary gap.
d. reflationary gap.
b
You might also like to view...
A good is nonrivalrous in consumption if
A. its consumption by one person does not reduce its consumption by others. B. its consumption by one person reduces its consumption by others. C. it is possible, or not prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced. D. it is impossible, or prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced. E. a and d
Average fixed costs:
A. always trend downward as output increases. B. always trend upward as output increases. C. are a constant, regardless of quantity of output. D. are a vertical line.
A "decrease in the quantity demanded" means that
A) the demand curve has shifted to the right. B) the supply curve has shifted to the left. C) price has declined and consumers therefore want to purchase more of the good. D) price has increased and consumers therefore want to purchase less of the good.
Collusion is:
A. legal in the United States. B. more likely in industries with a large number of firms. C. not possible when firms interact repeatedly forever. D. None of the answers is correct.