Since World War II, there have been ________ but ________ in the U.S. economy
a. no recessions; five depressions
b. three depressions; no recessions
c. recessions; no depressions
d. depressions; no recessions
c
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In the above figure, the axis break in the x-axis
A) reflects the fact that for the years covered in the figure, the unemployment rate was never less than 3 percent. B) shows that there is no relationship between inflation and unemployment. C) misleadingly shows that inflation has changed very little even though the unemployment rate has increased a great deal. D) implies that for the years covered in the figure, the inflation rate was always greater than 1 percent.
An economic profit for a self-employed entrepreneur is
A) an opportunity cost. B) the same as the normal profit. C) a profit over and above opportunity cost. D) None of the above answers is correct.
Which of the following correctly describes the result of a price increase for an inferior good?
A) The substitution effect causes the demand for the good to decrease; the income effect causes the demand for the good to increase. B) Both the substitution effect and the income effect cause the consumer to buy less of the good. C) The substitution effect causes the demand for the good to increase; the income effect causes the demand for the good to decrease. D) The substitution effect causes the consumer to buy less of the good and the income effect causes the consumer to buy more of the good.
In the long run, if the prices of goods and services paid by consumers increase the long-run aggregate:
A. supply will increase. B. supply will decrease. C. supply will stay the same. D. demand will increase.