The point at which real GDP reaches a maximum during a business cycle is called the:
a. peak.
b. recession.
c. recovery.
d. trough.
a
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When firms have market power, it means that they:
A. are a price taker. B. can noticeably affect the market price. C. do not affect the market quantity offered for sale. D. can earn as much profit as they want.
The total cost of production equals
a. average total cost + average variable cost b. average total cost + average fixed cost c. average variable cost + average fixed cost d. total fixed cost + total variable cost e. marginal cost + total variable cost
If people expect the price of shorts to rise next month, the demand for shorts will
a. decrease now. b. increase now. c. stay the same now and increase next month. d. stay the same now and decrease next month. e. stay the same now and next month.
According to one In the News article, "Defense Cuts Kill Jobs," a decrease in government spending has contributed to the sluggish economy. This would imply that
A. The aggregate supply curve has shifted to the right. B. Injections into the circular flow have increased. C. The aggregate demand curve has shifted to the right. D. The aggregate demand curve has shifted to the left.