Which term describes the phases of expansion and contraction in an economy over time?
A. Recessions
B. Prosperity
C. Total product oscillations
D. Business cycles
Ans: D. Business cycles
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In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. Mohammed and Tetah would produce the maximum quantities of cookies and sweaters if
a. Mohammed knitted and baked and Tetah did nothing b. Tetah knitted and baked and Mohammed did nothing c. Mohammed knitted and Tetah baked d. Tetah knitted and Mohammed baked e. Mohammed knitted and baked and Tetah just knitted
Which economic question does the decision to produce butter instead of guns answer?
a. What to produce? b. How to produce? c. For whom to produce? d. Who has a comparative advantage in gun production? e. Who has an absolute advantage in butter production?
Which of the following policy actions by the Fed would cause the money supply to increase?
a. An open market sale of government securities. b. An increase in required reserve ratios. c. An increase in the discount rate. d. An open-market purchase of government securities.
Which of the following will lead to an oligopoly?
a. If the quantity demanded in the market for cell phones is equal to the quantity produced by the largest firm at the minimum point of its long-run average total cost curve b. If the quantity demanded in the market for oil tankers is three times the quantity produced by the largest firm at the minimum point of its long-run average total cost curve c. If the quantity demanded in the market for oil tankers is thirty times the quantity produced by the largest firm at the minimum point of its long-run average total cost curve d. If the quantity demanded in the market for oil tankers is half the quantity produced by the largest firm at the minimum point of its long-run average total cost curve