A recession is defined as:
A. the minimum point in the business cycle before the recovery phase.
B. a fall in the natural rate of unemployment.
C. a rise in the natural rate of unemployment.
D. a fall in real GDP that lasts six months or longer.
Answer: D
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A labor union that consists of workers from a particular industry is a(n)
A) closed shop. B) industrial union. C) union shop. D) bilateral monopoly.
A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is:
a. $1. b. $20. c. $90. d. $900. e. $920.
Private property rights exist when property rights are
What will be an ideal response?
Given the production possibilities schedule in Table 0201A, a combination of nine televisions and four personal computers A) is attainable but involves an inefficient use of societies resources. B) would be attainable only if a new technology of producing televisions or computers were introduced. C) is not attainable because it is not listed in the schedule. D) is not attainable because society does not have enough resources to produce this combination.