Economists segment the business cycle into phases and the phase in which real GDP declines, inflation moderates, and unemployment emerges is the
a. recession
b. downturn
c. depression
d. stagflation
e. deceleration
B
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. What is the marginal product of labor when the 5th worker is hired?
A) 72.5 car washes B) 75 car washes C) 5 car washes D) 3 car washes
Which of the following expenditures would be counted as consumption in GDP accounts? a. Mary buys a new home computer to check her e-mail and play computer games. b. Mark buys a new computer for his medical economic consulting business
c. Leslie, an EPA scientist, buys a new computer for her lab at work. d. Juan leases a new computer for his graphic design company.
Adam Smith believed that the rich derive the most enjoyment from their wealth by knowing that others observe their consumption
Indicate whether the statement is true or false
A tax that creates an excess burden may nevertheless improve efficiency if
A. consumption of the good has been generating beneficial externalities. B. consumption of the good has been generating no externalities. C. consumption of the good has been generating detrimental externalities. D. the good has been supplied by a monopolist.