A recession is a decline in:
A. the natural rate of unemployment.
B. GDP that lasts six months or longer.
C. GDP that lasts one year or longer.
D. the full-employment unemployment rate over a year.
Answer: B
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Elinor Ostrom won the 2009 Nobel Prize in economics for her research showing:
A. social norms can sometimes be powerful enough for commonly held property to be managed extremely well. B. social norms are not an effective solution for the management of commonly held property. C. that privatization of public goods is the most effective solution to market failure associated with commonly held property. D. government provision of public goods is the most efficient solution to the tragedy of the commons problem.
The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run
a. True b. False Indicate whether the statement is true or false
Explain how a mutually beneficial trade is possible in a two-country, two-commodity model even when one of the countries has absolute advantage in the production of both the commodities.
What will be an ideal response?
A simultaneous increase in both the supply of and the demand for vitamin water would cause an increase in the equilibrium quantity of vitamin water.
Answer the following statement true (T) or false (F)