The highest point of the economy, before the recession begins, is called
a. the business cycle.
b. an upswing.
c. the peak.
d. the trough.
c. the peak.
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Explain the theory of optimum currency areas
What will be an ideal response?
In the graph for the consumption function, the 45-degree line
A. contains only a consumption component. B. represents both planned consumption and planned investment. C. reflects a decreasing APC as real disposable income rises. D. shows various combinations where planned consumption equals real disposable income.
The shift from wanting to own all to owning only what is needed is an example of a _________________
a. Paradigm shift b. Goal re-evaluation c. Reformation d. Retro-change
Monetarists have received this label because they emphasize the role of
a. money supply in determining aggregate supply. b. the money supply in determining nominal GDP. c. the Fed in making monetary policy. d. the money supply in determining interest rates and investment.