The stages of a business cycle, in order, are
a. expansion, contraction, recession, and boom.
b. contraction, recession, expansion, and boom.
c. boom, expansion, contraction, and recession.
d. recession, contraction, expansion, and boom.
B
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In a competitive market the current price is $5 . The typical firm in the market has ATC = $5.50 and AVC = $4.50
a. In the short run firms will shut down, and in the long run firms will leave the market. b. In the short run firms will continue to operate, but in the long run firms will leave the market. c. New firms will likely enter this market to capture any remaining economic profits. d. The firm will earn zero profits in both the short run and long run.
Producer surplus is given by the area
A. below the demand curve. B. below the demand curve but above the price. C. below the supply curve. D. above the supply curve but below the price.
What are the major factors affecting the long-term growth of the economy's output?
What will be an ideal response?
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Kate decides to play the second game. Her probability of pulling out a green marble is:
A. 10 percent. B. 40 percent. C. 50 percent. D. 75 percent.