Which of the following is not a phase of the business cycle?
a. peak.
b. trough.
c. compression.
d. expansion.
c. compression.
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There are three consumers in the market for playing cards: Don, John, and Ron. At a price of $2 per pack, the quantities demanded by each are 3, 2, and 1, respectively. At a price of $1.50 per pack, the quantities demanded by each are 4, 5, and 3, respectively. Which of the following is true?
a. The market demand curve for playing cards does not obey the law of demand. b. The price decrease causes the quantity demanded in this market to increase by 6. c. The price decrease causes John's demand curve to shift the most. d. At a price of $1 per pack, the quantity demanded in this market must be 20. e. Don's behavior does not obey the law of demand.
The Clayton Act of 1914
a. was too vaguely worded to reduce anticompetitive behavior significantly b. prohibited conspiracies in restraint of trade c. prohibited price discrimination that reduces competition and cannot be justified based on cost differences d. created the Federal Trade Commission e. prohibited firms from reducing prices too far
Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The collection and use of the data on automobile emissions and global warming levels is an example of
A. law and economics. B. econometrics. C. economic history. D. empirical economics.
If a country's working-age population increases and its wealth increases, then the labor supply curve
A. shifts to the right. B. shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population. C. shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population. D. shifts to the left.