As it relates to economic growth, the term long-run trend refers to:
A. the long-run increase in the relative importance of durable goods in the U.S. economy.
B. the long-term expansion or contraction of business activity that occurs over 50 or 100
years.
C. fluctuations in business activity that average 40 months in duration.
D. fluctuations in business activity that occur around Christmas, Easter, and other major
holidays.
B. the long-term expansion or contraction of business activity that occurs over 50 or 100
years.
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Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of sugar will rise. B. The equilibrium price of sugar will rise. C. The equilibrium quantity of sugar will fall. D. The equilibrium price of sugar will fall.
In the above figure, an increase in the quantity demanded is represented by a movement from point d to
A) point b only. B) point c only. C) point a. D) both points b and c.
The __________ of the mentally ill over the last two and a half decades, without the promised halfway houses to treat and shelter them has added to the ________________.
Fill in the blank(s) with the appropriate word(s).
In the short run, a perfectly competitive firm can make a profit, a loss, or shut down
a. True b. False Indicate whether the statement is true or false