A period in which the level of business is consistently less than its long-term trend is known as
A. depression.
B. business cycle.
C. growth trend.
D. recession.
Answer: D
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In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of
A) opportunity benefit. B) a tradeoff. C) zero opportunity cost. D) producing at a point that lies beyond the PPF. E) a free lunch.
The equilibrium price of a good sold in a competitive market is $10. If an individual firm decides to sell its product at a price higher than $10, ________
A) the firm's profits will increase B) the firm's revenue will increase C) the firm will lose all its consumers D) the firm's cost of production will decrease
Assume that the money stock is the intermediate target and money demand is totally interest- inelastic. Then, the
a. LM schedule will be horizontal. b. LM curve schedule would be vertical. c. IS curve would be horizontal. d. None of the above
Suppose that you charted the rate of unemployment on the same graph. How would you expect the graph of unemployment to look in comparison?
a. It would be similar but shifted slightly to the right.
b. It would be inverted but shifted slightly to the right.
c. It would be similar but shifted slightly to the left.
d. It would be inverted but shifted slightly to the left.