A peak in the business cycle
A. is a temporary maximum point.
B. is a temporary minimum point.
C. occurs when the inflation rate is its lowest.
D. occurs when the unemployment rate is its greatest.
Answer: A
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Along a straight-line demand curve, as the price falls the
A) demand becomes more elastic. B) demand becomes less elastic. C) elasticity of demand is constant. D) demand is always unitary elastic.
A payoff matrix
A) shows the payoffs (i.e. bribes) required to government officials for firms undertaking specific actions. B) details the actions each firm takes. C) shows the payoffs to each firm for each possible outcome. D) is optional in game theory.
________________ —a term describing a tool that economists use to determine the effect of an economic event on equilibrium price and quantity.
a. Equilibrium price b. The four-step process c. Demand schedule d. Supply schedule
Assume the nominal dollar-per-euro ($/€) exchange rate appreciates by 2%, U.S. prices rise by 5% and Euro-Area prices rise by 3%. By approximately how much does the real exchange rate change?
a. 3% b. There is no change. c. 4% d. 5% e. 6%