The recession of 2007–2009 was the most severe economic downturn in the United States since the
A. 1930s.
B. 1950s.
C. 1970s.
D. 1980s.
Answer: A
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In a monopolistically competitive market there are
A) many firms. B) one firm. C) a very small number of firms. D) two firms.
The unexpected consequence of the paradox of thrift is because people try to save more
a. saving increases b. national income increases c. consumption increases d. national income falls e. investment increases
The GDP is a measure of the market value of all final goods and services produced in the economy in a given time period.
Answer the following statement true (T) or false (F)
When does a firm's average variable cost exceed the average total cost?
A. never B. when the average variable cost is at its minimum C. when the average fixed cost is at its minimum D. when the average total cost equals the average fixed cost