Refer the above figure. Stage "2" of the economy is called
A. a contraction.
B. an expansion.
C. a peak.
D. a trough.
Answer: A
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A PPF, such as the one above, that bows outward illustrates
A) decreasing opportunity cost. B) increasing opportunity cost. C) that technology is improving. D) that productivity is falling.
Refer to the accompanying table. The law of diminishing marginal utility:UnitsUtils Per Year from T-shirtsUtils Per Year from Sweaters0001754002135720318096042101120
A. applies to both t-shirts and sweaters. B. applies to sweaters but not t-shirts. C. applies to t-shirts but not sweaters. D. does not apply to either t-shirts or sweaters.
When her $1,000 time deposit expires, Suneeta decides not to renew the time deposit and opts to cash out. As a result of her transaction
A) M1 and M2 increase. B) M1 increases and M2 decreases. C) M1 is unaffected and M2 decreases. D) M1 increases and M2 is unaffected.
Recall the Application about the costs involved in opening a restaurant to answer the following question(s).Recall the Application. If you are a franchise owner of a Sonic Drive-In restaurant, and it is in a monopolistically competitive market, you would expect in the long run to earn zero economic profits because:
A. you must compete against other restaurants that are similar to you, but not exactly the same. B. barriers to entering the restaurant business are relatively low. C. competition among restaurants is keen. D. All of these are correct.