If a variable moves in the opposite direction from real GDP and other measures of aggregate economic activity, it is a ________ variable
A) procyclical
B) countercyclical
C) coincidental
D) recessionary
B
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Which of the following is a solution to the problem of moral hazard in the labor market?
A) Provision of real wages B) Provision of nominal wages C) Provision of efficiency wages D) Provision of minimum wages
A perfectly competitive firm will produce at an economic loss in the short run rather than discontinue production if there is a rate of output at which
a. marginal revenue equals marginal cost b. total revenue equals total cost c. total revenue exceeds total cost d. total revenue exceeds total fixed cost e. total revenue exceeds total variable cost
A comparative advantage in the production of coal is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.
Inferior goods are also known as substitute goods.
Answer the following statement true (T) or false (F)