Economic contractions during the period from 1950 to 2007
A. were longer than prior contractions.
B. were deeper (in terms of Real GDP) than prior contractions.
C. produced larger increases in unemployment than did prior contractions.
D. were less frequent than prior contractions.
Answer: D
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Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of the third unit is greater than the marginal cost of the first unit. b. the marginal cost of the fourth unit is the same as the marginal cost of the
second unit. c. the average variable cost of four units is the same as for three units. d. both (b) and (c) are correct.
Discouraged workers are not counted as unemployed so the true unemployment rate might be higher than listed
Indicate whether the statement is true or false
Which of the following statements is true?
A. A random walk process is stationary. B. The variance of a random walk process increases as a linear function of time. C. Adding a drift term to a random walk process makes it stationary. D. The variance of a random walk process with a drift decreases as an exponential function of time.
Suppose Scott's demand for a public good is P = 7 - 0.3Q and Mike's demand is P = 10 - 1.5Q. The equation for the total demand for the public good is:
A. P = 17 - 1.8Q. B. P = 20 - 3.0Q. C. P = 3 - 1.2Q. D. P = 14 - 0.6Q.