A business cycle has two turning points, which are the
A) recession and trough.
B) peak and recession.
C) trough and peak.
D) expansion and recession.
E) peak and expansion.
C
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Refer to Table 9-9
a. Which country has an absolute advantage in the production of both light bulbs and flash drives? b. Which country has a comparative advantage in the production of light bulbs? c. Which country has a comparative advantage in the production of flash drives? Table 9-10 Pens Pencils Tran 40 160 Farah 50 150 Table 9-10 shows the output per week for pens and pencils by Tran and Farah.
Drug companies protect their monopolies over various drugs they develop by utilizing
A) patent protection. B) low cost production. C) diseconomies of scale. D) zero economic profits in the long run.
If we were on curve J, the lowest three quintiles received about _____% of income.
A. 20
B. 40
C. 50
D. 60
Temporary monopolies via the provision of sole ownership rights to profit from the production, use, or sale of a good are provided by:
A. profit-maximizing behavior. B. network externalities. C. patents and copyrights. D. natural monopolies.