What has been the range for the duration in months of U.S. recessions since 1950?
A. 27 months to 32 months
B. 19 months to 26 months
C. 0 months to 5 months
D. 6 months to 18 months
Answer: D
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Large current account deficits imply large financial account surpluses
Indicate whether the statement is true or false
At the short-run break-even point, the perfectly competitive firm is
A) earning positive economic profits. B) earning zero economic profits. C) earning negative economic profits. D) just covering its total variable costs.
Social choice involves all of the following except
A. consistently efficient decisions through the use of majority rule voting. B. aggregating over individual preferences. C. deciding what society wants. D. understanding the incentives facing politicians and public servants.
Buying a product in one market and selling it in another is called
A) competition. B) arbitrage. C) efficiency. D) comparative advantage.