An economy recovering from a recession moves
A. down from its peak to a period of expansion.
B. down from its trough to a period of depression.
C. up from its trough to a period of expansion.
D. up from its peak to a period of expansion.
Answer: C
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When its marginal cost increases, a firm aiming at maximizing net revenue
A) can always raise its price, but only by the amount of the cost increase. B) can often raise its price by more than the cost increase. C) can raise its price, but always by less than the cost increase. D) may not be able to raise its price at all.
According to the rational choice model developed in the text, which statement below is false?
a. people would be less happy if they exchanged money rather than things at Christmas b. Individual preference patterns do not change because prices change c. consumers behave as if they did cost-benefit analysis on every purchase d. cash grants are always better than in-kind gifts e. none of the above
Taxes are the difference between
A. GDP and net exports. B. GDP and consumer spending. C. consumer spending and saving. D. GDP and disposable income.
Which of the following is issued to an investor to provide protection from having the invention copied or stolen for 20 years?
A. a license B. a certificate of convenience C. a patent D. a natural monopoly