The body that is responsible for dating the beginning and ending dates for a recession is
A) the Congress. B) the National Bureau of Economic Research.
C) the Bureau of Economic Analysis. D) the Fed.
B
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In 1981 Fed policy created a severe recession because the Fed
A) publicly announced an inflation increase program. B) undertook an unexpected increase in the inflation rate. C) undertook an unexpected reduction in the inflation rate. D) publicly announced an inflation reduction program. E) increased aggregate supply to reduce the inflation rate.
When the price of one pen is $1, 50 notebooks are demanded. When the price per pen increases to $5, the number of notebooks demanded decreases to 30. What is the cross-price elasticity of demand between the two goods using the arc method?
A) 0.1 B) -0.375 C) 3 D) -3
Equilibrium in a market occurs when
A) demand and supply indicate a small surplus of a good. B) price is at its minimum. C) quantity supplied and quantity demanded are equal at the market clearing price. D) the market price leads to a decrease in quantity demanded.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $0.45:
A. the market supply of milk is between 9 and 10 units. B. the market supply of milk is between 4 and 5 units. C. the market supply of milk is between 5 and 6 units. D. the market supply of milk is between 1 and 2 units.