Which of the following is NOT an accurate description of the recession that accompanied the financial crisis of 2007-2009?
A) GDP declined by more than twice the rate of the average recession.
B) Inflation rose at nearly twice the rate as the average recession.
C) It lasted just under twice as long as the typical recession.
D) Peak unemployment was about one-third higher than usual.
B
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An increase in the amount of competition with other firms that employ "best practices" would be likely to cause a particular firm's labor productivity to:
A) increase B) stay the same. C) decrease. D) cannot be determined without additional information.
Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average variable cost is
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Indicate whether the statement is true or false