A depression is different from a recession in that
A. a recession has inflation and a depression does not.
B. a depression is much worse.
C. a depression has inflation and a recession does not.
D. a recession is much worse.
Answer: B
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Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the production function has constant returns to scale
What will be an ideal response?
There were more poor people in America in 2005 than there were in 1965
Indicate whether the statement is true or false
Perfectly competitive firms are price takers because
a. each firm is too small compared to the market to be able to affect price b. one firm determines price and all other firms accept this price c. firms take the price that government determines d. firms must accept any price consumers offer them e. firms earn high profits by "taking" consumers
Compared to most other industrialized nations, the United States has greater income inequality.
Answer the following statement true (T) or false (F)