In the United States, an official dating of business cycles
a. is executed by the Federal Reserve Bank of New York.
b. originates with the Department of Commerce.
c. was started by the Bureau of Labor Statistics Institute.
d. is performed by the Business Cycle Dating Group of the National Bureau of Economic Research.
D
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In general, as the consumption of a good or service increases, the marginal benefit from consuming that good or service
A) increases. B) decreases. C) stays the same. D) at first increases and then decreases. E) at first decreases and then increases.
The problem caused by goods that are considered common resources is that they are:
A. undersupplied. B. oversupplied. C. under consumed. D. over consumed.
Suppose Frank quits his $25,000 a year job and starts his own hauling company. He takes $10,000 out of his savings account at the bank, where he was earning 5 percent interest, to buy a truck. His other expenses, including the truck, are $20,000 . Frank's revenues are $48,000 . Frank ends up with
a. $3,000 in wage-related rent b. $2,500 in entrepreneurial profit c. a $7,000 loss d. $48,000 in entrepreneurial profit e. $3,000 in entrepreneurial profit
When two or more divisions mark up prices in excess of marginal cost:
A. double marginalization occurs. B. second-degree price discrimination occurs. C. two-part pricing occurs. D. None of the answers are correct.