Rising unemployment and decreased business confidence could be signs that the economy is at the start of a(n):
A. recession.
B. boom.
C. recovery.
D. expansion.
A. recession.
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The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the
a. amount of the other good that must be given up. b. market price of the additional amount produced. c. amount of resources that must be devoted to its production. d. number of dollars that must be spent to produce it.
A grocery store shows the influence of competition when
a. no brands of peanut butter are on the store shelf b. one brand of peanut butter is on the store shelf c. two brands of peanut butter with the same price are on the store shelf d. two brands of peanut butter with different prices are on the store shelf
Which would have no effect on the demand for motorcycles?
a. A change in tastes b. A change in the cost of steel c. A change in the price of gas d. A change in the prices of cars
Economists Gary Becker and Kevin Murphy are associated with which of the following?
A) They discovered the first example of a Giffen good. B) They have argued that social factors are not important in explaining the choices consumers make. C) They both believe that consumers appear to receive utility from consuming goods they believe are popular. D) They discovered that price changes have both income and substitution effects.