Identify a valid trend observed in U.S. business cycles since 1933.
a. Contractions lasted for more than two years on an average.
b. There were only two or three complete cycles
c. There was no recession since 1979.
d. Expansions generally lasted longer than contractions.
e. Each cycle lasted longer than the previous one.
d
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Suppose that when a perfectly competitive firm produces 1,000 units of output, its total variable cost is $1,900. If the marginal cost of producing the 1,000th unit is $1.70, and if the market price of each unit of output is $1.70, then the firm should:
A. raise its price. B. continue to produce 1000 units. C. shut down. D. increase output.
The measured distribution of ________ is a more accurate indicator of the degree of economic inequality than the measured distribution of ________ because ________ data does not include ________
A) income; wealth; wealth; human capital B) wealth; income; income; holdings of real estate C) wealth; income; income; human capital D) income; wealth; wealth; employment information
Jill consumes nothing but soup and cola. If cola is a luxury good for Jill, then soup must be a necessity
Indicate whether the statement is true or false
President Nixon "closed the gold window"
a. as a political expediency b. to force the allies to devalue their currencies c. to try to save the Bretton Woods exchange rate system d. to halt dramatic inflows of gold into the United States e. to cure the U.S. domestic deflationary spiral