Since 1950
A) the average length of expansions in the United States have become longer as compared to before 1950.
B) the average length of expansions in the United States are about the same length as compared to before 1950.
C) the average length of expansions in the United States have become shorter as compared to before 1950.
D) economic expansions in the United States have been so short that expansions barely exist.
A
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With an increase in income, we can predict that a consumer will choose a new market basket
a. on a lower indifference curve. b. on the same indifference curve but the new budget line. c. on a higher indifference curve that passes through the new budget line. d. on a higher indifference curve that is tangent to the new budget line
Refer to the figure above. What is the consumer surplus in the market?
A) $60 B) $90 C) $120 D) $160
Why should we be concerned with inequality among those above the poverty line?
What will be an ideal response?
When goods and services are produced at the lowest possible cost, ________ occurs
A) allocative efficiency B) productive efficiency C) equity D) efficient central planning