The point of a fluctuation at which economy turns from a peak to a trough is called a:
A. recession
B. peak
C. expansion
Answer: A. recession
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The shapes of the total product and marginal product curves are related because
a. an increase in total product pulls marginal product up. b. marginal product gives the slope of total product. c. marginal product increases as total product increases. d. the marginal product curve lies above the total product curve.
Refer to the scenario above. Each firm will face a demand of ________ units of Good A if both of them charge a price of $60
A) $1,000 B) $1,500 C) $2,000 D) $3,000
Productive inputs capable of replacing themselves if harvested at moderate rates are known as:
A. renewable natural resources. B. natural capital. C. nonrenewable natural resources. D. fossil fuels.
Using the information in the table above, calculate the number of people in the labor force
A) 2500 B) 2100 C) 1500 D) 800