The business cycle consists of four phases. At the top we have:
a. expansion, followed by peak, and then recession followed by a recession.
b. expansion, followed by a recession, and then peak followed by recession.
c. peak, then an upturn followed by a recession, and then recession.
d. peak, then a recession followed by expansion, and then recession.
e. peak, then a recession followed by recession, and finally, expansion.
e
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Consumers' preferences are represented by
A) budget lines. B) indifference curves. C) relative prices. D) household income.
Which of the following is not an example of a government-imposed entry barrier?
A) occupational licensing B) antitrust legislation C) patents D) barriers to international trade
The markups restaurants apply to various items are heavily influenced by the price elasticity of the demand for each item
Indicate whether the statement is true or false
What do economists believe causes sustained inflation?
a. government printing too much money b. cost of living declining too rapidly c. currency supply falling gradually d. popular faith in paper money rising