The U.S. economy is experiencing falling output, falling employment, falling incomes and rising unemployment. These conditions best describe a business cycle ________
A) peak B) expansion C) recession D) trend E) trough
C
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An online dating firm is
A) a platform in a shared-input market. B) an end user in a matchmaking market. C) a platform in a matchmaking market. D) an end user in a shared-input market.
Economic analysis assumes that
a. individuals act only out of selfish motives. b. although individuals are at times selfish and at times unselfish, only their selfish actions may be predicted. c. people are basically humanitarian, and their actions are, therefore, impossible to predict. d. changes in the personal benefits and costs associated with a choice will exert a predictable influence on human behavior.
Markets promote
A) equity and competition. B) voluntary exchange and equality. C) equity and equality. D) competition and voluntary exchange.
Which of the following is a building block of neoclassical economics?
a. the size of the economy is determined by real GDP b. sticky wages and prices c. menu costs d. wages and prices will adjust in a flexible manner