Which of the following is a true statement about the length of recessions and expansions in the United States economy?

Select one:

a.

Prior to 1900, the length of expansions were much less than the length of recessions.

b.

Prior to 1900, the length of expansions equaled the length of recessions.

c.

Prior to 1900, the length of expansions were much longer than the length of recessions.

d.

Prior to 1900, the length of recessions were brief and almost nonexistent.

Question13

At the end of an expansion, wages of workers are usually rising faster than prices.

Select one:

True

False

Question14

When an economy faces diminishing returns,

Select one:

a.

the per-worker production function shifts to the left.

b.

the per-worker production function shifts to the right.

c.

the slope of the per-worker production function becomes steeper as capital per hour worked increases.

d.

the slope of the per-worker production function becomes flatter as capital per hour worked increases.