Recessions are associated with lower incomes, rising unemployment, and falling profits
a. True
b. False
Indicate whether the statement is true or false
True
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A severe drought has damaged this year's lettuce cro
A) decrease in the demand for lettuce. B) decrease in the supply of lettuce. C) decrease in both the demand and supply of lettuce. D) rightward movement along the demand curve for lettuce.
Summarize the characteristics of a perfectly competitive market
What will be an ideal response?
In a perfectly competitive market industry, firm's prices are equal to
a. Average revenue b. Marginal revenue c. Both a and b d. None of the above
Real GDP per person
a. minus real GDP per person from the previous period equals the growth rate of real GDP per person. b. provides more meaningful comparisons across time and countries than real GDP. c. provides a less useful measure of the standard of living than nominal GDP per person. d. All of the above are correct.