Economists use the term ______ to refer to fluctuations in economic activity, such as employment and production
Fill in the blank(s) with correct word
business cycle
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Which of the following statements is true?
A) In cases of auctions and bilateral negotiations, prices tend to approach the competitive equilibrium. B) Bilateral negotiations allow a single buyer and a single seller to privately negotiate with bids and asks. C) In auctions, buyers prefer buying from sellers with the highest ask prices. D) In auctions, sellers prefer selling to buyers with the lowest bid prices.
Opportunity cost theory suggests that a nation has
A) A comparative advantage in the good with the lower opportunity cost. B) An absolute advantage in the production of the good with the lowest opportunity cost. C) No advantage in the production of any good with an opportunity cost. D) None of the above.
At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's net investment for the year totaled
A) 1 machine. B) 2 machines. C) 3 machines. D) 6 machines.