The phase of the business cycle where real domestic output is at a minimum is called
What will be an ideal response?
the trough
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A tax levied on imported goods is called a(n):
a. excise tax. b. quota. c. foreign profits tax. d. tariff.
What does diminishing marginal product imply?
a. The marginal product of an extra worker is greater than the previous worker's marginal product. b. The marginal product of an extra worker is less than the previous worker's marginal product. c. The marginal cost of an extra worker is unchanged. d. The marginal cost of an extra worker is less than the previous worker's marginal cost.
The Monetary Control Act of 1980:
A. extended the Fed's authority to impose required-reserve ratios on all depository institutions. B. excluded the required-reserve ratios as an instrument of short-term policy. C. provided the Fed with the authority to use open market operations. D. closed or sold ailing savings and loan institutions.
Jason spends all afternoon baking a cake. When it comes out of the oven, it's burnt and sunk in the middle. Jason thinks about all the time he invested in making it and decides he'll spend more time frosting it and eat it anyway, even though it tastes pretty terrible. Jason's decision to continue to decorate and eat the cake is a good example of:
A. someone ignoring sunk costs. B. someone weighing the opportunity costs of frosting and eating the cake and the benefits of doing so. C. someone thinking marginally. D. someone focusing on sunk costs.