All the transition economies suffered a transition recession:
a. True
b. False
A
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Quinn's income to spend on either bowling or eating out each month is $100. It costs $10 to bowl for the night and it costs $20 for Quinn to eat at a restaurant. A point on Quinn's budget constraint would be:
A. 4 nights of bowling and 3 trips to the restaurant. B. 3 nights of bowling and 4 trips to the restaurant. C. 2 nights of bowling and 5 trips to the restaurant. D. 10 nights of bowling and 5 trips to the restaurant.
A firm has capacity limitations and charges $30 for its service during daily peak times. If the market demand elasticity drops from ?3 during peak times to ?5 at off-peak times, how much should the firm charge to earn the maximum profit during off-peak times?
A. $20 B. $24 C. $21 D. Not enough information to determine
Assume a family that earns $20,000 pays $1,000 in income taxes, while a family that earns $40,000 pays $3,750 in income taxes. In this situation, the income tax system is
A) progressive. B) regressive. C) proportional. D) one of the above but we cannot tell which one without more information.
On a graph showing the relationship between x and y, the ceteris paribus condition implies that
A) no other variables are related to x and y. B) the value of x is held constant. C) the value of y is held constant. D) other variables not shown are held constant.