A recession is always associated with
a. the end of a war.
b. slowly growing real GDP.
c. rising inflation.
d. declining real GDP.
d
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The annual cost of producing the entire output of goods and services in the economy
A) includes durable goods but excludes nondurable goods. B) is total income. C) can be calculated entirely on the basis of financial transactions. D) includes financial transactions.
Who gains in voluntary trade
If the percentage change in the quantity demanded of a good equals the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly elastic. d. unitary elastic.
A firm decides to hire more equipment if:
a. the average revenue it earns by selling its output is equal to its average cost. b. its total revenue is greater than the total cost of hiring the equipment. c. the marginal revenue product of the additional unit of equipment is greater than the marginal factor cost. d. its average revenue is greater than the average cost of hiring equipment. e. the price of its product is greater than the average cost of production.