The business cycle consists of several stages or phases. Which is the accurate sequence?
A. Recession, upturn, peak, trough
B. Recession, trough, upturn, peak
C. Recession, peak, trough, upturn
D. Recession, peak, upturn, trough
Answer: B
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All points above a given indifference curve are
A) inferior to any point on the indifference curve. B) preferred to any point on the indifference curve. C) definitely not affordable. D) Both answers Band C are correct.
Which of the following is not considered an automatic stabilizer?
a. Food stamp program for people with low incomes b. Welfare program for families with dependent children c. Medicaid, a health program for the poor d. Financial assistance for disabled people e. Unemployment programs that pay benefits to those who lose their jobs
________ occurs when the price level of goods and services increases over several months.
A) Monetarism B) A budget deficit C) An open-market operation D) Inflation E) A recession
Use the above figure. The total cost earned by this monopolistically competitive firm is
A) $2,080. B) $3,150. C) $1,600. D) $1,900.