What is the difference between a business cycle and the day-to-day ups and downs of the market?
What will be an ideal response?
Answer: A business cycle is a major, prolonged fluctuation rather than a day-to-day movement.
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A trade surplus occurs when a country's exports exceed that country's imports
Indicate whether the statement is true or false
Except for perfect complements, an indifference curve has a ________ slope and becomes ________ moving to the right
A) negative; flatter B) negative; steeper C) positive; flatter D) positive; steeper
If a perfectly competitive firm achieves productive efficiency then
A) it is producing at minimum efficient scale. B) it will raise its price in order to earn an economic profit. C) it is producing the good it sells at the lowest possible cost. D) the price of the good it sells is equal to the benefit consumers receive from consuming the last unit of the good sold.
Increased concern about environmental problems derive partly from
a. concerns about increasing economic output. b. concerns about unemployment and inflation. c. new awareness that the problems exist. d. concerns about the quality of life.