Which of the following statements is correct?
A. Business cycles are caused by unanticipated inflation.
B. Business cycles are caused by seasonal unemployment changes.
C. The depth and the length of all business cycles are identical.
D. The depth and the length of all business cycles are different.
Answer: D
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A decrease in the supply of a good will cause a larger increase in its price
A) if there are many close substitutes for the good. B) the greater the scarcity of the good. C) the more elastic the demand for the good. D) the more inelastic the demand for the good.
An example of a stock would be
A) real GDP. B) savings. C) investment. D) the amount of money in circulation.
For a competitive, profit-maximizing firm, the labor demand curve is the same as the
a. marginal cost curve. b. value of marginal product curve. c. production function. d. profit function.
The distribution of money income can be represented graphically using
A) supply and demand diagrams. B) a Lorenz curve. C) a Keynesian curve. D) a Distribution curve.