Economic activity moves from a period of expansion to a ________ and then moves into a period of ________ until it reaches a ________.
A. peak; recession; trough
B. trough; expansion; peak
C. peak; expansion; trough
D. trough; recession; peak
Answer: A
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A woman who decides to drive to work rather than take the bus
A) is wasting scarce resources. B) is behaving inefficiently. C) thinks driving is more economically efficient for her. D) is probably paying attention to personal comfort and convenience rather than economic efficiency.
Chris pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon rate. One year later, after receiving the first coupon payment, Chris sells the bond. If the current one-year interest rate on government bonds is 7 percent, then the price Chris receives is:
A. less than $10,000. B. greater than $10,000. C. $700. D. $10,000.
When a firm is operating at peak efficiency it is at the
A. shutdown point. B. break-even point. C. between the shutdown and break-even points.
The benefits-received principle of taxation is most evident in:
A. inheritance taxes. B. excise taxes on gasoline. C. the personal income tax. D. the corporate income tax.