Exhibit 6-1 Business cycle
In Exhibit 6-1, the recovery phase of the business cycle can be represented by points:
A. A.
B. C.
C. E to G.
D. C to E.
Answer: C
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Using the midpoint method, if the price of an airline ticket from Orlando to Pittsburgh falls from $275 to $238, the percentage change in price is
A) 1442 percent. B) 14.42 percent. C) 15.54 percent. D) 13.45 percent. E) 68.00 percent.
The Federal Reserve Act of 1913 required that
A) state banks be subject to the same regulations as national banks. B) national banks establish branches in the cities containing Federal Reserve banks. C) national banks join the Federal Reserve System. D) state banks could not join the Federal Reserve System.
A Wisconsin farmer sells her crops in a competitive price-taker market. If she produces 500 bushels for total revenue of $2,500 and if harvesting the 501st bushel would raise her total cost from $2,500 to $2,505, her
a. revenue will increase by $10 if she harvests the 501st bushel b. revenue will fall by $5 if she harvests the 501st bushel c. average fixed cost will rise if she harvests the 501st bushel d. profit will fall by $10 if she harvests the 501st bushel e. profit will remain unchanged if she harvests the 501st bushel
Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Rooms CleanedPer Hour Meals CookedPer HourLou54Alex33If Alex and Lou work out an efficient arrangement for these two chores, then under that arrangement:
A. Lou would do all of the cleaning and all of the cooking. B. Alex would do all of the cleaning, while Lou would do all the cooking. C. Alex and Lou each would do half of the cooking and half of the cleaning. D. Lou would do all of the cleaning, while Alex would do all of the cooking.