Which of the following is characteristic of a downturn in the business cycle?
A. Increased aggregate demand.
B. Lower unemployment rates.
C. Lower real output.
D. None of the choices are correct.
Answer: C
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Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49The marginal cost if the 4th mug per day is ________.
A. $7 B. $5 C. $8 D. $32
In economics, the optimal level of pollution is
A) zero. B) the level for which the net benefit from reducing the pollution is greatest. C) the level for which the total benefit from reducing the pollution is greatest. D) the level which generates a positive externality.
Which of the following was not a component of the National Recovery Act (NIRA)?
a. Set minimum prices for goods. b. Set minimum wages. c. Set a minimum number of hours of work. d. Institute codes of fair practice for various industries.
The Celler-Kefauver Act of 1950 amended the:
a. Sherman Antitrust Act. b. Clayton Act. c. Federal Trade Commission Act. d. Robinson-Patman Act.