In most major countries, including Japan, Canada, and the US, fluctuations in consumption are
a) countercyclical and more volatile than GDP
b) countercyclical and less volatile than GDP
c) procyclical and more volatile than GDP
d) procyclical and less volatile than GDP
e) unrelated to fluctuations in GDP
d) procyclical and less volatile than GDP
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Whenever average cost exceeds marginal cost,
A. average cost is rising. B. average cost is falling. C. marginal cost is rising. D. marginal cost is falling.
Nominal values are values measured in terms of the prices at which goods and services are actually sold
a. True b. False Indicate whether the statement is true or false
As more workers are hired to harvest grapes in a vineyard, the fields become overcrowded. As a result, the marginal product of labor is likely to diminish
a. True b. False Indicate whether the statement is true or false
Which of the following is said to occur when a firm with market power uses price discrimination between markets to increase its total profit?
A. Cyclical dumping B. Persistent dumping C. Predatory dumping D. Seasonal dumping