Which phase of the business cycle would be most closely associated with an economic contraction?
A. Recovery
B. Recession
C. Peak
D. Trough
Answer: B
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Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000What is the value of Taylor's assets?
A. $416,000 B. $308,000 C. $422,000 D. $419,000
If Larry Robinson is taxed $100 on an income of $1,000 . Guy Carbonneau is taxed $220 on an income of $2,000 . and Chris Chelios is taxed $390 on an income of $3,000 . the tax system is
a. progressive b. poll c. regressive d. excise e. proportional
Refer to the above table. What is the absolute price elasticity of demand if a price falls from $7.50 to $7?
A. 0.724 B. 1.38 C. 10 D. 0.1
Expenses that a firm does NOT have to pay out of pocket are
A. taxes. B. wages of employees. C. explicit costs. D. implicit costs.