Recall the Application. Recessions can occur either when there is a(n) ________ in aggregate demand or a(n) ________ in aggregate supply
A) decrease; increase B) increase; increase C) decrease; decrease D) increase; decrease
C
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Pure monopoly refers to_____.
A. any market in which the demand curve to the firm is downward sloping B. a single firm producing a product for which there are no close substitutes C. a standardized product being produced by many firms D. a large number of firms producing a differentiated product
The factor of production called "land" can be defined as the:
A. earth and anything naturally occurring on or in it used to produce goods and services. B. fraction of total costs spent on rent, lease, or mortgage. C. earth and any structures on it that are used to produce goods and services. D. area of the earth exchanged in the real estate market by businesses.
An individual who is employed part time, but is looking for a full-time job, is classified as:
A. frictionally unemployed. B. cyclically unemployed. C. structurally unemployed. D. employed.
Gerald wants to take out an insurance policy on his Pez dispenser collection, and reports to his insurance company that the collection is worth $25,000. This is an example of using money as a
A. medium of exchange. B. unit of account. C. standard of deferred payment. D. store of value.