Recessions are not associated with which of the following?
a. increased bankruptcies
b. falling profits
c. falling incomes
d. falling unemployment
d
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The United States has the biggest national economy in the world solely because of the U.S. population.
Answer the following statement true (T) or false (F)
Consider a firm with the following cost and revenue information: ATC = $8, AVC = $7, and MR = MC = $6 . If the firm produces Q = 60 in the short run, it
a. is minimizing losses b. makes a total loss of $60 c. should produce more output d. is making a mistake and should shut down e. is maximizing total profit
If you are told that in a given year the real growth rate is 7% with inflation and population growth rates of 2% and 1.2% respectively, then nominal growth rate of GDP per capita is:
A. 5.8%. B. 3.8%. C. 5.0 %. D. 7.0 %.
Alberta owns a nature preserve next to a coal mine. The mine produces dust that enters a stream on its land but which later flows through Alberta’s land. The dust in the stream does about $20,000 of damage to Alberta’s plants per year. The mine can clean up the dust before it reaches the stream for about $12,000 per year. Alberta offers them $15,000 per year to clean up the dust. What economic idea does this scenario exemplify and why?
What will be an ideal response?