Which of the following is true of the business cycle record of the United States?
a. Recessions have been lengthier during the last two decades than was true prior to 1980.
b. Real GDP contracted throughout most of the 1950s.
c. Real GDP in 2000 was approximately the same as 1950.
d. Since 1950, the fluctuations in GDP have been less severe than before 1950.
D
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In the late 1920s, you could buy $5,000 worth of stock by putting down as little as
A. $100. B. $200. C. $500. D. $1,000.
A recessionary real shock is associated with an outward shift of the short-run Phillips curve and with a leftward shift of the short-run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
In 1985 a desert community stopped pumping water from a 1000 foot well because it had run dry. In 2005 the price of water doubled. The community then drilled the well deeper and started pumping again. In this community,
A. higher water prices can reduce quantity demanded but cannot increase quantity supplied. B. the supply of water is perfectly inelastic because it is a finite resource. C. water production is characterized by increasing opportunity costs. D. markets cannot reach equilibrium because there is a persistent shortage of water.
A member in a cartel can earn more profits by
A. selling less than the agreed amount. B. charging a slightly lower price and raising production. C. producing less than the agreed rate. D. none of these.