The low point in the business cycle is referred to as the
A. peak.
B. expansion.
C. boom.
D. trough.
Answer: D
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Why is it important to understand the bond market?
What will be an ideal response?
All things equal, the price elasticity of supply:
A. will be greater in the short run than in the long run. B. will be greater in the long run than in the short run. C. is the same for the short run and the long run. D. approaches zero in the long run.
A key idea of the new growth theory is that
A. technology is not an important determinant of economic growth. B. the rewards associated with technological advances have little to do with the actual rate of invention or innovation. C. economic growth is not as important as leisure time growth. D. the greater the rewards for technological advances, the greater the number of technological advances.
Write down your understanding and interpretation for each of the following equations, then make sure that you familiarize yourself with these formulas: KI = M – X
What will be an ideal response?