In the above figure, the letters A, B, and C represent which positions in the business cycle?
A) peak, expansion, and recession, respectively
B) recession, expansion, and peak, respectively
C) expansion, peak, and recession, respectively
D) peak, recession, and expansion, respectively
D
You might also like to view...
When the production possibilities curve shifts outward,
A) the price level rises in the long run. B) the long-run aggregate supply curve is unchanged. C) the long-run aggregate supply curve shifts to the left. D) the long-run aggregate supply curve shifts to the right.
After a firm makes short-run adjustments in its production plan following a wage increase,
A. the marginal product of labor will be higher. B. the marginal product of labor will be lower. C. the marginal product of capital will be higher. D. the marginal product of capital will be lower. E. (a) and (c) F. (a) and (d) G. (b) and (c) H. (b) and (d)
Using the above figure, CBL is the cost of breaking the law. What is the equilibrium price and quantity if beer is legal?
A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beer C) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer
Sam's manufacturing plant recently decided to pay its workers 14% more than the current market wage for equivalent skills. Such a management decision can be due to
a. noncompetitive labor markets b. labor surpluses c. the need for better skills d. efficiency wages e. community desires