Refer to the figure below. 
In the figure, a business cycle peak is shown by which point(s)?
A. D only
B. A and C and E
C. E only
D. B and D
Answer: D
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Even when racetrack bettors know very little about the characteristics of horses, why are their aggregate bets often good estimates of the true probabilities of winning, placing, and showing?
Given the same marginal revenue product (MRP) and supply curves, the equilibrium quantity of labor employed in a monopsonistic labor market will be:
A. equal to that in a competitive labor market. B. less than that in a competitive labor market. C. greater than that in a competitive labor market. D. there is insufficient information for a conclusion.
An increase in the real interest rate occurs when ________
A) monetary policy responds automatically to an increase in inflation B) expected inflation increases, relative to the nominal interest rate C) an increase in autonomous spending causes an increase in equilibrium output D) all of the above E) none of the above
Suppose that milk producers expect that the price of milk is going to drop next week. This would cause
A) a decrease in the supply of milk today. B) an increase in the supply of milk today. C) an increase in the demand for milk today. D) the selling price of milk to rise today.