Business cycles are a persistent feature of the U.S. economy.
Answer the following statement true (T) or false (F)
True
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In the long run, a firm has
A) no factors of production that are fixed. B) no factors of production that are variable. C) no factors of production that are either fixed or variable. D) fixed factors of production but no variable resources.
The United States experienced a deep recession between 2007 and 2009. Which type of unemployment would most likely increase during that period of recession?
A) cyclical unemployment B) frictional unemployment C) seasonal unemployment D) structural unemployment
Intel microchips are an input in the production of a computer. When the demand for the computer declines:
a. the quantity demanded of Intel microchips increases. b. the quantity demanded of Intel microchips declines. c. the demand for Intel microchips increases. d. the demand for Intel microchips decreases. e. there is no change in the demand for the Intel microchips.
In an efficient market, a scarce good generally has a ____ than a less-scarce good
a. higher price b. higher total utility to consumers c. more even distribution across income classes d. lower price in off-peak periods