A period of decline in total output, income employment, and trade, lasting six months or longer, is defined as a:
a. Secular trend
b. Business cycle
c. Trough
d. Recession
d. Recession
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If a rise in the price of good B increases the quantity demanded of good A
A) A and B are substitutes. B) A and B are complements. C) A is a substitute for B, but B is a complement to A. D) B is a substitute for A, but A is a complement to B.
Examples of comparative advantage show how trade between two countries can make each better off. Compared to their pre-trade positions, trade makes both countries better off because in each country
A) total employment is greater. B) total welfare is greater. C) total consumption of goods is greater. D) wages are higher.
If a competitive market operates perfectly, it relies on:
A. the number of people buying goods. B. the laws of supply and demand. C. how many products can be produced for sale. D. how much people are willing to pay for the products.
In recording an accounting transaction in a double-entry system
A. the number of debit accounts must equal the number of credit accounts. B. there must only be two accounts affected by any transaction. C. there must always be entries made on both sides of the accounting equation. D. the amount of the debits must equal the amount of the credits.