A peak is the
A) lower turning point of a business cycle when an expansion ends.
B) lower turning point of a business cycle when a recession ends.
C) upper turning point of a business cycle when an expansion ends.
D) upper turning point of a business cycle when a recession ends.
C
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A mugger steals $25 from John Doe. What can an economist conclude?
A) Nobody gained in the "exchange." B) Both parties gained in the "exchange." C) Only the mugger's wealth has increased. D) Nothing, because economists study strictly voluntary exchanges.
A __________ good is one that once produced and provided to one person, provides benefits to other persons.
A. consumption B. investment C. private D. public
The slope of the utility possibilities frontier is
A) positive. B) negative. C) zero. D) undefined.
Which of the following best defines the vicious circle of poverty?
a. Countries are poor because they cannot afford to save and invest. b. Countries are poor because of high population growth. c. Countries are poor because of lack of education and training for workers. d. Countries are poor because of poor international credit.