Economists segment the business cycle into phases and the phase characterized by a relatively high level of real GDP, full employment, and inflation identifies
a. recovery
b. demand-pull inflation
c. stagflation
d. expansion
e. prosperity
E
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Refer to the table below. What is the expected price of the input in Country B?
The above table provides the probability distribution of price of an input next year in Country A and Country B.
A) $1 B) $999 C) $501 D) $500
When economic profits are positive, accounting profits
A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.
A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:
a. create unnecessary unemployment. b. shift in labor supply curve leftward. c. decrease the marginal product of labor. d. reduce management's use of featherbedding.
When you purchase a share of stock, you are
A) borrowing funds from the corporation. B) lending funds to the corporation. C) selling an ownership right in the corporation. D) acquiring an ownership right in the corporation. E) b and d