Which of the following is true about business cycles in the United States?
A. They vary greatly in length, frequency, and intensity.
B. They are remarkably similar in length but vary greatly in intensity.
C. They are similar in length, frequency, and intensity.
D. They are similar in frequency and intensity but not in length.
Answer: A
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How does the United States differ from the European Union in how it balances the competing claims of equality and efficiency?
Refer to the following graph.
Suppose this diagram represents a monopolist with a patent. What is the maximum the monopolist would be willing to spend to defend its patent?
A. Area D B. Area A C. Area A and B D. Area B
When economic rent exists
A. resources are allocated efficiently. B. the price is equal to the opportunity cost of the resources. C. price is the same as the discount rate. D. resources are allocated inefficiently.
When there is a decrease in labor supply, real wages are likely to
A) remain the same. B) decrease. C) increase. D) allow less leisure time.