Economic activity moves from a trough into a period of ________ until it reaches a ________ and then into a period of ________.
A. recession; peak; expansion
B. recession; trough; expansion
C. expansion; trough; recession.
D. expansion; peak; recession
Answer: D
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The equilibrium quantity in a perfectly competitive market is determined:
A) at the point of intersection of the demand curve and the quantity axis. B) at the point of intersection of the demand and supply curves. C) at the point of intersection of the supply curve and the quantity axis. D) at the point of tangency between the demand and supply curves.
Experts predict that the future structure of the U.S. banking industry will have
A) an increased number of banks. B) as few as ten banks. C) several thousand banks. D) a few hundred banks.
In the strategic view of bargaining:
a. Bargaining is described by standard game theory rules b. The game is played without specific strategies c. The game always results in a fifty-fifty split d. The game is played just for the fun of it
If the absolute price elasticity of demand for movie tickets is 0.80, an increase in ticket prices will
A) increase total revenue. B) decrease total revenue. C) not change the elasticity of demand. D) not change total revenue.