The period of expansion ends with a ________ and the period of recession ends with a ________
A) business cycle peak; business cycle peak B) business cycle trough; business cycle trough
C) business cycle peak; business cycle trough D) business cycle trough; business cycle peak
C
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The marginal propensity to consume describes ________
A) the tendency to consume fringe, or unusual items B) the impact of a change in spending on income C) the impact on consumption resulting from a change in income D) lifetime consumption resources
In the short run, if prices were above equilibrium,
a. excess aggregate demand for goods and services would place downward pressure on prices. b. excess aggregate supply of goods and services would place upward pressure on prices. c. excess aggregate demand for goods and services would place upward pressure on prices. d. excess aggregate supply of goods and services would place downward pressure on prices.
Other things the same, if a country's domestic investment decreases, then
a. net capital outflow rises, so net exports rise. b. net capital outflow rises, so net exports fall. c. net capital outflow falls, so net exports rise. d. net capital outflow falls, so net exports fall.
If a perfectly competitive firm is producing at an output at which marginal cost exceeds marginal revenue
A) price will be at the profit maximizing level. B) sales will be at the profit maximizing level. C) the firm should expand production. D) the firm should reduce production.