From 1991 until 2001, the United States was in a period of
A) expansion.
B) recession.
C) business cycle troughs.
D) business cycle peaks.
Answer: A
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Even with a limited number of governments, everyone's government demand can be met
a. True b. False
If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication of the:
a. law of consumer equilibrium. b. law of diminishing marginal utility. c. law of diminishing consumer surplus. d. law of supply.
Under the rational expectations hypothesis, which of the following is the most likely short-run effect of a move to expansionary monetary policy?
a. A higher general level of prices but no change in real output b. A higher general level of prices and an expansion in real output c. No change in the general level of prices and a reduction in real output d. No change in either the general level of prices or real output
Because the market demand curve slopes downward
a. each unit of a good is worth more than the market price b. each unit of a good is worth the market price paid for each c. each unit of a good is worth less than the previous units are worth d. diminishing marginal returns have set it e. the market is efficient