Buyers’ expenditures and sellers’ revenues are always identical.
Answer the following statement true (T) or false (F)
True
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The phase of the business cycle that follows a recession is known as the:
a. peak. b. recession. c. recovery. d. trough.
If the MPC = 0.75 for a particular person this means that:
A. they will spend 75 cents of each new dollar they get. B. if they receive $1 they want to spend roughly 75%, but probably won’t do so. C. they will spend 25 cents of the $1 and save 75 cents. D. if they receive $1 then they want to spend 25% of it.
The use of goods and services for personal satisfaction is known as
A) the formation of capital goods. B) production. C) personal investment. D) consumption.
Which of the following scenarios does not illustrate a long-run adjustment?
A) A local Starbucks hires two new employees. B) Three firms leave the retail clothing industry. C) Ten new vineyards are opened in the U.S. D) Honda Jet builds a new assembly plant in Greensboro, NC.