________ refers to a period when the ________ decreases
A) Recession; growth rate of nominal GDP
B) Recession; growth rate of output per person
C) Productivity growth slowdown; growth rate of real GDP
D) Productivity growth slowdown; growth rate of output per person
D
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Two economists from Ohio University estimated that the demand curve for kerosene in Indonesia was such that a 10 percent increase in the price reduced the quantity demanded by 2.2 percent and that a 10 percent increase in the price of electricity increased the demand for kerosene by 1.6 percent. This indicates that (i) the demand for kerosene is price inelastic and (ii) kerosene and electricity
are substitutes. Which of these two statements is correct? a. i and ii b. i not ii c. ii not i d. neither i nor ii
The long-run aggregate supply curve represents the level of output possible if the economy:
A. has a zero inflation rate. B. has no structural unemployment. C. is operating at full capacity. D. is operating at an unemployment rate of zero.
In economics, how long is the long run?
A. whatever time it takes a firm to vary all inputs B. more than 20 years C. 1 year or longer D. 24 months or longer
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $75 and is a monopolistically competitive firm. If this firm is attempting to maximize profits, the firm's profit is
A. -$175. B. -$100. C. -$75. D. $0.