Recurring upswings and downswings in an economy's real GDP over time are called:
A. recessions.
B. business cycles.
C. output yo-yos.
D. total product oscillations.
B. business cycles.
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If the price level in the U.S. is 120, the price level in South Africa is 140, and the nominal exchange rate is 7 South African rands per dollar, then the real exchange rate is
A) 6 South African goods per U.S. good. B) 8.4 South African goods per U.S. good. C) 9.8 South African goods per U.S. good. D) 1.4 South African goods per U.S. good.
All else constant, as the price elasticity of demand decreases, so does the marginal revenue resulting from a decrease in price
Indicate whether the statement is true or false
In the short run if TR < TC, a perfectly competitive firm will always shut down.
Answer the following statement true (T) or false (F)
Assume the smart watch industry is a perfectly competitive industry that uses a specialized input. If this industry experiences an increase in demand, we might expect that in the long run:
A. neither input nor output prices will increase. B. only input prices will increase. C. both input and output prices will increase. D. only output prices will increase.