Declines in spending on residential construction are often due to increases in interest rates. The collapse in residential construction prior to and during the recession of 2007-2009 was due more to ________ than to higher interest rates
A) the financial crisis that began in 2007 B) rising wages in the construction industry
C) the rapid inflation of the early 2000s D) increases in the price of lumber
A
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All of the following are true of a perfectly competitive firm in long-run equilibrium except one. Which is the exception?
a. Its economic profit will be zero. b. Its accounting profit may be positive. c. It will be minimizing average total cost. d. It will be charging a price equal to marginal cost. e. Marginal cost is minimized.
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. What is Charlie's dominant strategy?
A. Rock
B. Paper
C. Scissors
D. Charlie does not have a dominant strategy.
A U.S. firm that buys ______ goods must sell its ______ to pay for those goods.
a. Chinese; Chinese currency to obtain U.S. dollars b. Mexican; U.S. dollars to obtain Chinese currency c. Chinese; U.S. dollars to obtain Chinese currency d. Mexican; Chinese currency to obtain U.S. dollars
Capital goods are typically purchased to ________. They get included in GDP ________
A) replace raw materials; in the year they are produced B) enable the investor to produce other goods and services; in each year they are utilized C) enable the investor to consume less in the current period; as they are used up in the stages of production D) enable the investor to produce other goods and services; in the year they are produced E) none of the above