The organization responsible for determining the start- and end-dates of a recession is
A) the National Bureau of Economic Research.
B) the Bureau of Economic Analysis.
C) the Federal Reserve.
D) the U.S. Department of Labor.
A
Economics
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The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals. B) any production requires the use of scarce resources, and thus the sacrifice of another alternative. C) choices need not be made in rational behavior. D) scarcity only exists in poor societies.
Economics
Refer to the diagram that applies to a private closed economy. If gross investment is I g1 , the equilibrium GDP and the level of consumption will be:
A. H and HB respectively.
B. J and JI respectively.
C. J and JK respectively.
D. H and HF respectively.
Economics