The business cycle peak associated with the Great Recession was in
A. November 2001 when the prior expansion started.
B. September 2008, when the Great Recession became very severe.
C. June 2009, when the Great Recession ended.
D. December 2007 when the Great Recession started.
Answer: D
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Suppose the Fed buys $1 billion worth of bonds and the required reserve ratio is 10%. In the theoretical limit, the money supply could
A) decrease by $1 billion. B) increase by $1 billion. C) decrease by $10 billion. D) increase by $10 billion.
A patent
A) always gives rise to a monopoly. B) may not provide a barrier to entry. C) allows the patent owner to capture all of the consumer surplus. D) increases total welfare.
If the monopolist charges a high price, he will sell:
A. as many as he supplies to the market at that price. B. more than demanders want to buy at that price. C. less than if he were to charge a lower price. D. more than if he were to charge a lower price.
Which of the following is an example of a fixed input?
a. The acreage of a farmer's land. b. Machinery. c. The size of a firm's plant. d. All of these.