Refer to the figure below. 
In the figure, which interval represents a business cycle recession?
A. A to B
B. A to C
C. B to C
D. B to D
Answer: C
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The market for Product A is at equilibrium at a price of €35. How will the market be affected if the government introduces a ceiling price which is €15 below the equilibrium price?
a) The ceiling price will have no effect on the market. b) The new price for product A will be €20 and there will be excess demand at this price. c) The new price for product A will be €50 and there will be excess supply at this price. d) The market mechanism will ensure that the market returns to equilibrium.
[(P - ATC)q] represents
A. economic profit. B. total cost. C. average fixed cost. D. total revenue.
It would be inefficient to break up a ________ monopoly.
A. natural B. cartelized C. price?fixing D. government created
When the economy is producing its potential output, an increase in government spending must necessarily reduce some component of private spending. This phenomenon is called
A) the multiplier effect. B) entitlement spending. C) fiscal policy. D) crowding out.