Scalping activity arises when
A) the prices of goods are allowed to adjust to their equilibrium levels.
B) the quantities of goods demanded and supplied are allowed to adjust to their equilibrium levels.
C) the prices of goods are restricted to levels above equilibrium prices.
D) the prices of goods are restricted to levels below equilibrium prices.
Answer: D
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Fill in the blank: ________ is another term for a decline in real GDP is
A) Deflation. B) Inflation C) Economic growth D) Recession E) Unemployment
Samantha is given a flu shot by her doctor. This reduces the probability that she will get the flu and it also reduces the probability that others will get the flu, too. The latter is an example of a
A. negative externality. B. positive externality. C. substitute good. D. complementary good.
Refer to the accompanying figure.
In the figure, a business cycle trough is shown by which point(s)?
A. A only B. A and C and E C. D only D. B and D
In Figure 1 above if the economy were at Y1 then we would expect there to be:
A. no change in inventories. B. an increase in inventories. C. a reduction in inventories. D. an increase in consumption spending.