A prolonged and deep recession is a
A. hyperinflation.
B. contraction.
C. depression.
D. slowdown.
Answer: C
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Autonomous expenditure includes
A) consumption expenditure, investment, and net taxes. B) investment, government expenditure on goods and services, and exports. C) consumption expenditure, investment, and imports. D) investment, government expenditure for goods and services, and imports. E) consumption expenditures, investment, and exports.
Natural monopolies result from the peculiar relationship between
a. government regulation and the ownership of scarce resources b. threats to potential entrants and the price of the product c. the size of market demand and the firm's cost structure d. product differentiation and the ownership of patents e. the firm's advertising campaigns and its labor policies
The average total cost curve of a natural monopoly is always
a. upward sloping. b. horizontal. c. downward sloping at all points. d. downward sloping where it crosses the market demand curve for the good.
Which of the following is correct?
a. Once adjustment is made for inflation, the prices of most natural resources have been about steady or falling. b. Technological progress has allowed us to substitute renewable resources for some nonrenewable resources. c. Technological progress has made once-crucial natural resources less necessary. d. All of the above are correct.