The falling phase of a business cycle measured by a decrease in real GDP is called:
A) hyperinflation.
B) expansion.
C) recession.
D) peak.
C
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At the competitive equilibrium with a positive proportional labor income tax
A) the real wage after tax exceeds the marginal product of labor. B) the real wage after tax equals the marginal product of labor. C) the real wage after tax is lower than the marginal product of labor. D) We cannot say.
To maximize profit, a monopsonist hires workers up to the point at which marginal factor cost (MFC) equals marginal revenue product (MRP)
a. True b. False Indicate whether the statement is true or false
Suppose that both nominal GDP and prices double. We can conclude that real output:
A. doubled. B. fell. C. more than doubled. D. remained constant.
Which of the following reasons do economists use to explain why people are overweight?
a. People undervalue the utility to be received in the future. b. People overvalue the utility from current choices. c. People's preferences are not consistent over time. d. All of the above explain why people are overweight.