Peaks and troughs of the business cycle are known collectively as
A. turning points.
B. volatility.
C. equilibrium points.
D. real business cycle events.
Answer: A
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A tornado siren is a
a. private good. b. club good. c. common resource. d. public good.
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
A. firm 2 will enjoy higher profits. B. firm 1 will reduce its output. C. firm 2 will gain market share. D. All of the statements associated with this question are correct.
The assumption underlying economic theory is that
A) people respond only to negative incentives, not to positive ones. B) choices are affected by incentives. C) value judgments do not play a role in the economic decisions people make. D) money is the only incentive that matters.
A fall in the rate of people's time preference in general tends to
A) increase interest rates. B) decrease interest rates. C) have no effect on interest rates. D) have no effect at all in the market for credit.