Since 1925, the longest recession in the United States lasted:
A. 120 months.
B. 43 months.
C. 60 months.
D. 21 months.
Answer: B
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High-powered money consists of
A) bank reserves plus currency held by the nonbank public. B) bank reserves minus vault cash. C) all deposits at the Fed. D) deposits at the Fed plus vault cash.
The difference between short-run and long-run cost is that in the short run,
a. there are shortages of labor that can restrict output b. only labor can be changed to increase or decrease production c. fixed factors of production have already been chosen d. the market-day supply limits the amount by which producers can change production e. all factors of production are variable
On a bowed production possibilities frontier, as you move down along the curve
a. more of one good must be given up to receive one unit of the other good. b. the available production technology does not change. c. the opportunity cost increases. d. All of the above are correct.
A lack of cooperation by oligopolists trying to maintain monopoly profits
a. is desirable for society as a whole. b. is not desirable for society as a whole. c. may or may not be desirable for society as a whole. d. is not a concern due to antitrust laws.