Technically speaking, in what year did the "Great Recession" end?
a. 1933
b. 1935
c. 2007
d. 2009
e. It had not ended as of 2011.
d
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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the producer surplus?
A) area A + area B + area C B) area A + area F C) area B + area C + area D + area F D) area C + area D + area E + area G E) area F
Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the marginal product from hiring the fourth worker?
A) 70 gallons of gasoline B) 280 gallons of gasoline C) 40 gallons of gasoline D) 80 gallons of gasoline
Which of the following statements is CORRECT for a monopolistically competitive firm in the short run?
A) Its total revenue is maximized. B) Its total fixed cost is 0. C) Its marginal cost is equal to its marginal revenue. D) Its price is equal to its marginal cost.
Compared with the recovery from the recession of 1981-82, the recovery from the recession of 2008-09 was characterized by
a. more rapid growth of real GDP. b. a more rapid decline in the rate of unemployment. c. larger increases in both government spending and budget deficits as a share of GDP. d. higher interest rates and a more restrictive monetary policy.