According to your authors, a recessionary "bust" is
A) an inherent part of any market economy.
B) a correction of the mistakes generated during the prior expansionary "boom."
C) an event that can be successfully recovered through fiscal "stimulus" policies.
D) identified by a rise in real GDP.
B
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Some years ago, chemists at 3M Corporation were trying to create a super-strong glue. Somehow they got their molecules twisted and came up with one of the weakest glues ever made. But, rather than pouring it down the drain, they tried coating some paper with it, and the "Post-It Note" was born. In this case, 3M was acting as a(n)
A) utility. B) rationer. C) entrepreneur. D) abstraction.
If the bid value of a Treasury bond is listed as "112:16", it means that the buyer is willing to pay $1,125 for the bond
Indicate whether the statement is true or false
Monopolies can earn positive economic profits in the long run while monopolistically competitive firms cannot due to
A. market power of monopolies while monopolistically competitive firms have no market power. B. barriers to entry in monopoly but not in monopolistic competition. C. economies of scale in monopolies but not in monopolistic competition. D. the less elastic demand faced by monopolies as compared to monopolistically competitive firms.
The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied.
A. homogeneous labor supply effect B. substitution effect C. income effect D. negative correlation effect