Does a person who works in a brothel sell productive services?
A) Yes, if the service is demanded.
B) Yes, but only in states where brothels are legal.
C) No, because the service is immoral.
D) No, because the service does not help the overall economy.
A
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Which of the following does not describe a characteristic of short-term economic fluctuations?
A. Expansions and recessions are felt in only a few sectors of the economy. B. The unemployment rate rises during recessions. C. Durable-goods industries are more sensitive to short-term fluctuations than service and non-durable industries. D. Expansions and recessions are irregular in length and severity.
List and explain the two phases and two turning points of the business cycle
What will be an ideal response?
Refer to Figure 4-1. If the market price is $1.00, what is Arnold's consumer surplus?
A) $1.00 B) $2.00 C) $3.00 D) $7.00
The marginal cost curve:
A. is U-shaped. B. rises when marginal product falls, and falls when marginal product rises. C. intersects ATC at the average total cost curve's minimum. D. All of these are true.