Which phase of the business cycle would be most closely associated with an economic contraction?
A. Peak
B. Recession
C. Trough
D. Recovery
B. Recession
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Which of the following is true of the production possibilities curve?
a. It assumes a fixed level of technology. b. It assumes resources are fixed. c. It assumes resources are fully employed. d. All of these are correct.
Which is the most accurate statement?
A. We are living well beyond our means and we face an imminent financial crisis as foreigners refuse to accept U.S. dollars. B. We cannot continue running huge current account deficits. C. We can easily run up larger and larger current account deficits without any serious consequences. D. Large and growing current account deficits are good for our economy.
Profit is maximized at the output at which marginal revenue exceeds marginal cost by the greatest margin.
Answer the following statement true (T) or false (F)
Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college b. Lost salary c. Business lunches d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition e. Opportunities sacrificed in the decision to attend college