In which quarter of which year did the prosperity phase of the business cycle begin?
2020 I
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A group of firms that has entered into an agreement to restrict output and increase prices and profits is called
A) a compliance. B) a cartel. C) an oligopoly. D) a duopoly. E) a multi-firm monopoly.
Which of the following topics is NOT a primary concern of macroeconomists?
A) fluctuations in the level of economic activity B) differences in standards of living across countries C) relative wages of skilled and unskilled workers D) unemployment
A consumption bundle
A) is a particular combination of consumption and leisure. B) only measures a quantity of goods and services, but not the amount of leisure. C) is a method of bringing home consumption goods. D) measures the quality of a particular good.
The term "invisible hand" was coined by
a. Adam Smith. b. David Ricardo. c. Karl Marx. d. Benjamin Franklin.