A worse of a recession is called _______ in the business cycle.
a. a downturn
b. a peak
c. a trough
d. an expansion
c. a trough
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If the state enacts the emission charge, find the associated cost savings to the firm, assuming the use of the old technology.
Consider the following abatement cost functions (TACO andMACO) for a firm using an old abatement (AO) technology: TACO = 1000 + 0.25(AO)2 MACO = 0.5(AO), where A isunits of abatement undertaken by the firm, and the cost values are in thousands of dollars. Further assume that the regulatory authority has set an abatement standard (AST) equal to 40 units for each firm and has proposed an emission charge implemented as a constant per unit tax (t) of $10 (i.e., MT = 10), where Total Tax = t(AST – Ai), and Ai is the existing abatement level.
Team production is a production process in which
A) pay is based on group output. B) individuals specialize in mutually supportive tasks. C) competing groups perform identical tasks. D) individuals rotate from one task to another.
According to the New Classical theory, why may output differ from its full-employment level in the short run?
What will be an ideal response?
Determine how each of the following situations would affect the demand for current consumption, the supply of current consumption, and the interest rate.
(i) Cuban immigrants, who own no capital of their own, arrive in the country. (ii) A drought lowers farmers' productivity this year, but rainfall levels are expected to return to normal next year. (iii) Scientists announce that a new lubricant that will double engine life will be available next year.