What turns a business cycle into a structural stagnation?
A. Multiple business cycles in a short period of time.
B. An upturn that exceeds potential.
C. A trough that is lower than the peak.
D. A slow upturn that keeps the economy below trend.
Answer: D
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Which of the following statements is true about the income elasticity of demand?
A) The income elasticity of demand for normal goods is always zero. B) The income elasticity of demand for inferior goods is always zero. C) The income elasticity of demand for normal goods is always positive. D) The income elasticity of demand for inferior goods is always positive.
For a given quantity, the total profit of a perfectly competitive firm is equal to the vertical distance between the firm's total revenue curve and its total cost curve
Indicate whether the statement is true or false
What is the maximum value the HHI can take on?
A. 1,000 B. 5,000 C. 10,000 D. 100,000
The main problem posed by trade blocs for nonmember nations is that:
A. member nations may achieve growth rates that exceed those of nonmember nations. B. nonmembers must exchange their currencies for foreign monies before they can engage in export or import transactions. C. nonmembers face tariffs that member nations do not. D. member nations refuse to participate in tariff negotiations sponsored by GATT.