Changes in the capital stock occur ________, and changes in the amount of labor that firms employ occur ________
A) quickly; quickly
B) slowly; slowly
C) slowly; quickly
D) quickly; slowly
C
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The period between a business cycle peak and a business cycle trough is called
A) recalculation. B) recession. C) diffusion. D) expansion.
If you get a job and are never required to join the union, this is known as a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.
Suppose two economists disagree about who would be helped or hurt by certain legislation. These disagreements
a. are positive in nature b. are minor and rarely lead to different policies or conclusions c. are normative in nature d. occur as the result of a mistake made by an economist e. occur because economic models are more complex, and subject to error, than the real world
A competitive firm's profit will be increasing as long as marginal revenue is greater than marginal cost
a. True b. False Indicate whether the statement is true or false