Economic indexes whose upward and downward turning points generally precede the peaks and troughs of general business activity are known as
a. causal indicators.
b. leading indicators.
c. roughly preceding indicators.
d. primary indicators.
b. leading indicators.
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What are some of the limitations of the Coase theorem in practice?
What will be an ideal response?
Economic depreciation is
A. the change in the distribution of real income induced by a tax. B. the extent to which an asset decreases in value during a period of time. C. the money value of the net increase in an individual's power to consume during a period. D. a subtraction from tax liability (as opposed to a subtraction from taxable income).
A learning curve relates ________ to ________ and is a case of ________ returns
A) unit cost; cumulative production; dynamic increasing returns B) output per time period; long-run marginal cost; dynamic increasing returns C) unit cost; cumulative production; dynamic decreasing returns D) output per time period; long-run marginal cost; dynamic decreasing returns E) labor productivity; education; increasing marginal returns
A natural monopoly results when a firm has
a. a license b. a patent c. official approval to produce a product d. decreasing average costs over the range of market demand e. exclusive use of a natural resource