An economic ________ refers to either an upturn or a downturn in the economy
A) fluctuation B) stagnation C) model D) chain index
A
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The demand for a necessity whose cost is a small portion of one's total income is
A. perfectly inelastic. B. relatively inelastic. C. relatively elastic. D. unit-elastic.
One advantage of a proprietorship is that
A) it is relatively easy to raise financial capital for a proprietorship. B) a proprietorship is relatively easy to form and to dissolve. C) there are limits to the possible liabilities of the owner. D) depreciation rates on capital are higher.
When the government enacts fiscal policy, it:
A. may not always be able to improve matters. B. might make things worse. C. can bring the economy to its long-run equilibrium more quickly than it can correct itself. D. All of these are true.
An isocost line is a line that represents combinations of:
A. output that can be produced from the same quantity of inputs. B. factors of production that produce equal amounts of output. C. factors of production that cost the same amount. D. output that can be produced at the same cost.