Exhibit 12-1 Business cycle
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In Exhibit 12-1, point E represents:
A. recession and a trough.
B. peak and a trough.
C. recession and a peak.
D. recovery and a peak.
Answer: A
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A golf club manufacturer pays its workers based on the number of sets of clubs they produce. This firm
A) organizes production based on an incentive system. B) organizes production based on a command system. C) does not have any implicit costs. D) does not have explicit costs.
If a monopolist can sell 2 units at price of $200 per unit and 3 units at a price of $180 per unit, its marginal revenue at an output of 3 is
A) $-20.00. B) $80.00. C) $140.00. D) $180.00.
The unemployment compensation program:
a. makes recessions more severe. b. makes recession less severe. c. makes recessions more severe and inflationary episodes less severe. d. makes recessions less severe and inflationary episodes more severe. e. has no effect on the severity of recessions and inflationary episodes.
Fixed costs plus variable costs equal:
A. marginal costs. B. average costs. C. average total costs. D. total costs.