Which of the following is true regarding economic fluctuations in the United States?
a. Prior to World War II, economic ups and downs were more moderate than after the war.
b. Prior to World War II, annual increases in real GDP of more than 5 percent were unheard of.
c. Real GDP grew rapidly during the 1930s.
d. The 1930s was a period of prolonged economic stagnation and high unemployment.
D
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Which of the following statements is correct?
A. Theory and hypothesis are interchangeable terms for the same thing. B. A hypothesis may result from a tested and confirmed theory. C. A theory may result from a tested and confirmed hypothesis. D. A hypothesis is a theory whose formulation relies on mathematics.
With perfect price discrimination, the level of output
A) exceeds the efficient quantity. B) is the same as the amount produced by any monopoly that price discriminates. C) is the same as the amount produced in a perfectly competitive market. D) equals the amount produced by a single-price monopoly. E) is unknown.
Amanda, age 6, opens a lemonade stand. She makes all the lemonade from a mix she found in her parents' pantry. Her stand is an old box she found in the garage. The pitcher and paper cups were taken from the kitchen. Which of the following is true?
a. The opportunity cost of the lemonade is zero. b. The only opportunity cost of the lemonade is Amanda's time. c. Amanda's explicit costs are zero. d. The implicit costs of Amanda's lemonade are zero. e. Whatever revenue Amanda gets will be pure economic profit.
In economics, a synonym for utility is
A) usefulness. B) satisfaction. C) sacrifice. D) a service.