In a business cycle, a period from trough to peak may be referred to as ________
A) a contraction
B) an expansion
C) a recurrence
D) all of the above
E) none of the above
B
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It is likely that for most people:
A. coffee and non-dairy creamer are substitutes. B. coffee and tea are substitutes. C. coffee and coffee mugs are substitutes. D. coffee and Coke are complements.
When a positive externality exists in a market, total surplus:
A. is decreased by deadweight loss compared to that same market without a negative externality. B. is the same as a market without a negative externality. C. is increased by deadweight gain compared to that same market without a negative externality. D. is the same but re-distributed differently than if that same market did not have a negative externality.
The Index of Leading Indicators
A. is the most widely used forecasting tool of economic fluctuations in the U.S. economy. B. consists of ten economic indicators that tend to lead general economic activity. C. is comprised monthly by the Conference Board, a private business group. D. is a useful tool when used with caution. E. all of the choices are correct.
A study of mass-transit systems in American cities revealed that in the long run revenues generally decline after substantial fare increases. This would suggest that:
A. The demand for mass transit is price-elastic in the long run B. The demand for mass transit is price-inelastic in the long run C. Mass-transit service deteriorates in the long run as price rises D. There are few good substitutes for such systems in urban areas