According to the National Bureau of Economic Research, the recession that began in December 2007
A) lasted 12 months. B) lasted 18 months.
C) lasted 27 months. D) did not end until December 2011.
B
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What is a household's choice set or opportunity set?
What will be an ideal response?
Since 1970, the U.S. economy has experienced ________ recession(s).
A. 2 B. 3 C. 5 D. 6
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 12 units of output, what is estimated short-run marginal cost (SMC)?
A. $32.40 B. $33.33 C. $28.04 D. $62.60