The date at which a recession starts is called the:
A. trough.
B. peak.
C. plateau.
D. depression.
Answer: B
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Perfect competition and monopolistic competition are similar because under both market structures,
a. there are zero economic profits in the long run. b. production takes place at the least-cost combination. c. there are few firms. d. entry is difficult. e. differentiated products are produced.
What is known as the Dutch disease?
a. The problem that arises when a government cannot meet its foreign debts b. The phenomenon of a boom in one industry causing declines in the rest of the economy c. A sudden and unexpected devaluation of a currency as a consequence of policy controls d. The problem that arises when high imports force an economy to borrow from external sources e. A deficit in the balance of payments of the economy that arises due to a sudden appreciation of the domestic currency
The new $20 bills are being introduced by the U.S. Treasury primarily to diminish
a. inflation. b. poverty. c. counterfeiting. d. bank failures.
Consider the labor market for an industry that is initially in equilibrium. Which of the following changes can bring about a labor shortage in this industry?
a. A decrease in wage rate in another industry that uses similar labor resources b. A decrease in wage rate on account of a government policy c. An increase in the demand for the good produced by firms in this industry d. A decrease in the productivity of existing workers under the influence of unions