A(n) ________ comes to an end with a business cycle ________
A) recession; peak
B) recession; trough
C) expansion; trough
D) expansion; bubble
Answer: B
Economics
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The production possibilities frontier represents
A) all combinations of consumption and leisure for fixed output. B) all equally affordable combinations of consumption and leisure for a given wage. C) all technologically feasible combinations of consumption and leisure. D) all equally liked combinations of consumption and leisure.
Economics
The law of diminishing returns refers to diminishing
A) total returns. B) marginal returns. C) average returns. D) all of these.
Economics