The recurrent ups and downs in the level of economic activity extending over several years are a description of:
a. A noncyclical fluctuation
b. A business cycle
c. A business trough
d. A recession
b. A business cycle
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Half of all your potential customers would pay $16 for your product but the other half would only pay $10 . You cannot tell them apart. Your marginal costs are $4 . If you set the price at $16, the expected profit is:
a. $3 b. $4 c. $5 d. $6
As a result of a per-unit tax on output in a market: a. the quantity traded increases
b. the quantity traded does not change. c. the quantity traded decreases. d. a surplus is created at the new equilibrium price.
An economic boom in the United States would cause the aggregate demand curve in other countries to shift outward
a. True b. False Indicate whether the statement is true or false
The demand for food is price-inelastic.
Answer the following statement true (T) or false (F)