An impartial observer who attempts to settle disagreements by listening to both sides separately and making suggestions is called a(n)
a. collective bargaining agent
b. arbitrageur
c. mediator
d. binding negotiator
e. judge
C
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The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months. B) two consecutive quarters of declining real GDP. C) a significant decline in inflation and unemployment lasting more than a few months. D) two consecutive quarters of declining nominal GDP.
Santiago wants to buy some milk and a box of cereal. If he buys 2 quarts of milk at $1 per quart, the box of cereal costs 75 cents. If he buys 3 quarts of milk at $1 per quart, the box of cereal is free. For Santiago, the marginal cost of the third quart of milk is
a. zero. b. 25 cents. c. 75 cents. d. $1.
When there is unplanned inventory investment, aggregate planned expenditure is __________ real GDP and actual investment is __________ planned investment
a) greater than; greater than b) greater than; less than c) less than; greater than d) less than; less than
The profits a corporation keeps to finance future expansion are known as
A) retained earnings. B) preferred stock. C) dividends. D) capital gains.