An expansion is:
A. the high point of economic activity prior to a downturn.
B. the low point of economic activity prior to a recovery.
C. a period in which the economy is growing at a rate significantly below normal.
D. a period in which the economy is growing at a rate significantly above normal.
Answer: D
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The figure above shows the market for annual influenza immunizations the United States. The efficient quantity of immunizations is
A) 14 million per year. B) 10 million per year. C) Between 14 and 21 million per year. D) Less than 10 million per year. E) 22 million per year.
An increase in the price of the cheese used to produce pizza shifts the supply curve of pizza ________ and shifts the demand curve for pizza ________
A) rightward; leftward B) leftward; leftward C) leftward; not at all D) not at all; leftward
If firms meet together to decide on prices and outputs there is
a. overt collusion. b. tacit collusion. c. price leadership. d. None of the above are correct.
Which of the following is an effect of monopsony?
a. Fewer workers will be hired. b. More workers will be promoted. c. Workers will receive higher wages. d. Workers will be more mobile.