Which group within the National Bureau of Economic Research officially determines whether the economy is in a recession or expansion?
A) The G-4
B) The Business Cycle Dating Committee
C) The Business Cycle Governors
D) The Turning Point Group
B
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A company needs to know the price of each resource it employs if it wants to determine whether or not it is achieving
A) technological efficiency. B) economic efficiency. C) accounting efficiency. D) managerial efficiency.
A quota is the same as a voluntary export restraint
Indicate whether the statement is true or false
The average cost for a typical electric-power-production firm is AC = 100 - 10Q + Q2 where Q is measured in billion kilowatt hours per day. At the current regulated price, consumers demand 4 billion kilowatt hours per day
Is this market a natural monopoly? If demand increases to 10 billion kilowatt hours, is this market a natural monopoly? Explain.
Which of the following statements is not correct?
a. The percentage of the population that suffers from long-term poverty is far smaller than the percentage of the population that suffers from short-term poverty because there is a high level of economic mobility in the United States. b. Permanent income is a better measure of a family's ability to buy the necessities of life than is transitory income. c. The economic life cycle theory explains why gifts of goods and services reduce poverty for the very young and the very old. d. Because people can borrow and save to smooth out changes in income, their standard of living in any one year depends more on lifetime income than on a particular year's income.