Business cycles are
A) irregular, with some having two recessions and no expansion.
B) predictable, with a recession following a trough.
C) unpredictable, but always have two phases and two turning points.
D) unpredictable, and don't always have two phases and two turning points.
C
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A diagram that shows the maximum amount of one type of good that can be produced in an economy, given the production of the other is known as
A) an indifference curve. B) the tradeoff schedule. C) the production possibility frontier. D) the balance of trade.
Majority rule will produce the outcome most preferred by the median voter, as demonstrated by the
a. Arrow impossibility theorem. b. Condorcet paradox. c. pairwise voting proposition. d. median voter theorem.
The practice of charging customers different prices for the same good is called:
A. price marking. B. customer discrimination. C. group discounting. D. price discrimination.
If the wage rate increases:
A. a purely competitive producer will hire less labor, but an imperfectly competitive producer will not. B. an imperfectly competitive producer will hire less labor, but a purely competitive producer will not. C. a purely competitive producer and an imperfectly competitive producer will both hire less labor. D. an imperfectly competitive producer may find it profitable to hire either more or less labor.