The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months.
B) two consecutive quarters of declining real GDP.
C) a significant decline in inflation and unemployment lasting more than a few months.
D) two consecutive quarters of declining nominal GDP.
A
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A monopolist is willing to lose some customers by charging higher prices, since this results in higher profits.
Answer the following statement true (T) or false (F)
When whale oil was in high demand in the middle of the nineteenth century, whales were being hunted to excess because
a. of the excessive government regulation imposed on whale hunting. b. those who owned the hunting rights failed to see the future value of whale oil. c. the public ignored the need to curb whale oil consumption. d. no one owned the whales or the hunting rights, thus there was no incentive to conserve whales for the future.
________ is the amount of money a government collects through a tax
A) Tax incidence B) Tax bracket C) Tax revenue D) Tax burden
Net unilateral transfers
A) are part of a national income. B) are part of a country's product. C) must be added to NNP in calculations of national income. D) are part of a country's GNP. E) Only A and C.