In order to be classified as a recession, a contraction of general economic activity must last at least
A) one year.
B) six months.
C) one period.
D) one quarter.
E) None of the above because recessions do not have a minimum length.
B
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Refer to Scenario 12.1. What is the probability of Paula trying to rescue the man and Simon not helping?
A) 9% B) 21% C) 49% D) 70%
The cost of an action is
A) indeterminate from a strictly economic point of view. B) the value of the next-best alternative opportunity sacrificed C) the cost to the consumer plus the cost to the producer. D) the number of consumers needed to set the price. E) measured only in money.
In which of the following ways is the private market sector similar to the public sector in terms of decision making?
A) Prices determine the demand for goods and services in each sector. B) There is competition for scarce resource in both sectors. C) Both sectors may use a type of "force" if necessary. D) Votes by individual voters are basically equal in importance with dollars spent by individuals on goods.
In the short run where total variable cost is ________ at a(n) ________ rate, marginal cost is positive and increasing.
A. increasing; decreasing B. decreasing; decreasing C. increasing; increasing D. decreasing; increasing