All of the following statements are correct EXCEPT:
A. There are unemployed people even during expansions.
B. Economies grow steadily over time.
C. A trade surplus exists when a country exports more than it imports.
D. Unemployment increases during recessions.
Answer: B
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A consumer prefers market basket A to market basket B, and prefers market basket B to market basket C. Therefore, A is preferred to C. The assumption that leads to this conclusion is:
A) transitivity. B) completeness. C) all goods are good. D) diminishing MRS. E) assumption of rationality.
High Powered Incentives Hyperion Tool & Dye bids for contracts to retool other companies' production lines. The compensation schedule for their sales staff includes a 2% commission for the first $350,000 in orders per quarter, 3% for the next $650,000,
and 4% for amounts over $1,000,000 . Hyperion is having trouble scheduling its staff for the jobs that they are awarded because the orders always seem to be awarded around the first and last days of a quarter. Why are orders bunched like this and how can Hyperion fix this?