What is true of both expansions and recessions?
a. There is a poorer than normal match between workers and their jobs.
b. The labor market clears.
c. The economy operates at its potential output.
d. Cyclical unemployment is zero.
e. None of the above.
A
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If Turkey wants to promote faster economic growth, it will need to
A) promote government intervention to help markets determine incentives. B) restrict property rights so that individuals can better share inventions. C) promote incentive systems to encourage saving, research and development, increased trade and improved education. D) restrict economic freedom so the government has better control of markets. E) restrict international trade to protects its own workers.
After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The marginal cost of your 10th cup of coffee purchased at the gas station is:
A. $0.50. B. $5.00. C. $10.00. D. $5.50.