Recession can be defined as a:
a. significant decline in real gross domestic product over time.
b. minor decline in real gross domestic product over time.
c. lengthy and deep decline in real gross domestic product over time.
d. short and shallow decline in real gross domestic product over time.
a. significant decline in real gross domestic product over time.
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In the above figure, a change in quantity supplied with unchanged supply is represented by a movement from
A) point a to point e. B) point b to point a. C) point e to point c. D) point b to point e.
In response to an increase in the wage rate, the substitution effect will cause a person to
A) supply fewer hours of labor. B) supply more hours of labor. C) supply the same hours of labor. D) have a backward bend in her labor supply curve.
Which of the following is a tool of monetary policy?
A. Buying and selling government bonds B. Making loans to banks C. Setting reserve requirements D. All of the above are tools of monetary policy.
Which of the following is a correct statement?
A. A firm receives no individual benefit from strategies that raise the marginal costs of its rivals. B. An incumbent firm may experience a learning curve that allows it to produce at a lower cost than a potential entrant. C. Predatory pricing is easy to prove in a court of law. D. No individual firm can benefit from strategies that raise the fixed costs of all the firms in the industry.