The part of a business cycle that follows a peak is the:
a. trough phase of the cycle.
b. break-even point of the cycle.
c. peak period of the cycle.
d. recessionary phase of the cycle.
e. expansionary phase of the cycle.
d
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If firms are producing efficiently, but consumers can reallocate goods amongst themselves,
A) the equilibrium is not efficient. B) the equilibrium is efficient. C) the consumers are behaving irrationally. D) the firms are too greedy.
A politician may be considered an entrepreneur in the sense that
a. he is always open to bribery. b. identical personal characteristics are necessary for success in politics and in business. c. the successful politician discovers and offers voters political goods when voter demand is strong for him. d. like the businessman, the politician selfishly attempts to gain at the expense of his customers.
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is true?
A. Jesse has an absolute advantage in painting kites but not snowboards. B. Jesse has an absolute advantage in painting snowboards but not kites. C. Jesse has an absolute advantage in painting both goods. D. Jesse has an absolute advantage in painting neither good.
If ATC is $100, AVC is $90 and MC is $80, then
A. ATC is rising and AVC is rising. B. ATC is falling and AVC is falling. C. ATC is rising and AVC is falling. D. ATC is falling and AVC is rising.