A business fluctuation when the pace of business activity is speeding up is known as
A. a recession.
B. an expansion.
C. a trough.
D. a contraction.
Answer: B
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Because there is no formal agreement among the participating firms, firms that engage in tacit collusion are exempt from prosecution under the anti-trust laws
Indicate whether the statement is true or false
Which of the following is true with regard to economic growth?
a. Real GDP could grow in a society at the same time that real per capita GDP did not b. For a given population, real GDP growth implies real per capital GDP growth. c. If the population grew at the same rate as real GDP, real per capita GDP would not change. d. All of the above are true.
A family-sized pack of corn chips costs less per dollarthan smaller packs. This is an example of price discrimination
a. True b. False Indicate whether the statement is true or false
Which of the following would NOT be an impact of tariffs imposed on foreign cars?
A. Sales of foreign cars decline B. Domestic car prices decline C. American jobs are protected D. Tax revenue is generated for the government