The beginning of a recession is called the:
A. depression.
B. peak.
C. expansion.
D. trough.
Answer: B
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Refer to Figure 10-1. Which of the following statements is true?
A) Quantities Q0 and Q1 are the utility-maximizing quantities of hoagies at two different prices of hoagies. B) Quantities Q0 and Q1 are derived independently of the utility-maximizing model. C) Quantity Q0 could be a utility-maximizing choice if the price is $5.75, but quantity Q1 may not be because we have no information on the marginal utility per dollar when price changes. D) Quantities Q0 and Q1 may not necessarily be the utility-maximizing quantities of hoagies at two different prices because we have no information on the consumer's budget or the price of other goods.
If a negative externality exists, __________ in order for the socially optimal output to be reached.
A. supply needs to increase B. supply needs to decrease C. demand needs to increase D. b and c E. none of the above
On a money demand diagram with the interest rate on the vertical axis, the real money balance demand schedule would be a vertical line under the assumption that
A) a lower interest rate raises the demand for real money. B) a lower interest rate lowers the demand for real money balances. C) the interest rate has no effect on the demand for real money balances. D) balances. E) a higher real GDP raises the demand for real money balances.
When a tax is imposed, the surplus that is lost to buyers and sellers but converted into tax revenue is:
A. transferred to others through public programs. B. lost and considered a cost of taxation. C. part of deadweight loss. D. All of these statements are true.