A key difference between recessions and depressions is that recessions are:
a. longer than depressions
b. more severe than depressions.
c. accompanied by price increases, while depressions are accompanied by price decreases.
d. shorter and less severe than depressions.
e. accompanied by price decreases, while depressions are accompanied by price increases.
d
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Countries that have policies that encourage unemployment should be expected to have more unemployed workers
a. True b. False Indicate whether the statement is true or false
A cost that has already been incurred and cannot be recovered is called:
a. fixed cost. b. explicit cost. c. sunk cost. d. opportunity cost.
You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC: 
If you offer to give the other island 1 coconut for every 4 fish they give you, then they will:
A. refuse your offer because they can produce as many coconuts as you can. B. accept your offer because their opportunity cost of a coconut is greater than 4 fish. C. accept your offer because your opportunity cost of a coconuts is less than 4 fish. D. refuse your offer because they have a comparative advantage in fish.
(Consider This) Subsidies to encourage hospitals and physicians to adopt electronic medical records have resulted in which of the following?
A. Improved care for a greater number of patients because of the efficiency gains. B. Reduced health care costs because of the efficiency gains in record-keeping. C. More patients seen but at a higher cost because of the high fixed cost of the recording devices. D. Less care at higher costs as the extensive record-keeping process reduces efficiency.