In a business cycle, a period from peak to trough may be referred to as ________
A) an expansion
B) a recurrence
C) a contraction
D) all of the above
E) none of the above
C
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GDP can be measured as each of the following except:
A. total business revenues. B. total expenditure on final goods and services. C. the market value of production. D. incomes of capital and labor.
Use the following graphs for a perfectly competitive market in the short run to answer the next question.
The graphs suggest that in the long run, assuming no changes in the given information, the market
A. supply curve will shift to the right. B. demand curve will shift to the right. C. supply curve will shift to the left. D. demand curve will shift to the left.
Tastes for products such as beer differ. As a result
A) we see countries specializing completely in the production of beer. B) consumers of beer have difficulty deciding what type of imported beer to buy. C) the quality of imported beer is less than it could be. D) different countries may each have a comparative advantage in producing different types of beer.
Refer to Scenario 9.7 below to answer the question(s) that follow. SCENARIO 9.7: Julio borrowed $80,000 from his great aunt to open a coffee stand at a local flea market. He agrees to pay his great aunt a 5% yearly return on the money she lent him. His other yearly fixed costs equal $16,000. His variable costs equal $60,000. He sold 50,000 cups of coffee during the year at a price of $3.00 per cup.Refer to Scenario 9.7. Julio's total costs equal
A. $20,000. B. $40,000. C. $60,000. D. $80,000.