Which period was not a recession in the United States?
A) 1974-1975
B) 1990-1991
C) 1984-1985
D) 2001
C
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Refer to Figure 13-2. Ceteris paribus, a decrease in the labor force would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
If a firm's output equals 10, product price equals $5.00, TFC = $8.00, and TVC = $60.00, then AVC would equal
a. $.80 b. $1.00 c. $6.00 d. $60.00 e. $8.00
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.
If the world price of coffee is higher than Colombia's domestic price of coffee without trade, then Colombia
a. should import coffee. b. has a comparative advantage in coffee and should export coffee. c. should produce just enough coffee to satisfy domestic demand. d. should produce no coffee domestically.