An extremely severe recession is known as a
A) trough.
B) peak.
C) contraction.
D) depression.
Depression- Answer D
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As a result of the tax, consumption of this good will decline by
A. 5 units.
B. 10 units.
C. 15 units.
D. 20 units.
The key feature of ________ is that firms act strategically.
A. perfectly competition B. an oligopoly C. a monopoly D. a natural monopoly
________ looks to relative factor endowments to explain trade flows.
A. Ockham's razor B. Say's law C. The Heckscher-Ohlin theorem D. The Sherman Antitrust Act
Refer to the diagram. Assume both upward and downward price and wage flexibility in the economy. In the extended AD-AS model:
A. demand-pull inflation would involve a rightward shift of curve A, followed by a rightward
shift of curve C.
B. cost-push inflation would involve a leftward shift of curve C, followed by an upward shift of
curve B.
C. recession would involve a leftward shift of curve A.
D. a rightward shift of curve D would be equivalent to an outward shift of the nation's production possibilities curve.