A period during which aggregate output falls is known as a(n)
A. recession.
B. inflation.
C. expansion.
D. hyperinflation.
Answer: A
You might also like to view...
Which of the following would NOT shift the demand curve for turkey?
A) an increase in income B) a decrease in the price of ham C) a change in people's preferences for turkey D) a change in the price of a turkey
Bobby spends $100 per month on pizza and CDs. His utility from these goods is shown in the table above. The price of a pizza is $10 and the price of a CD is $20. Bobby currently buys 2 pizzas and 6 CDs
To maximize his utility in the next period, he should A) buy more pizza and fewer CDs. B) buy more CDs and fewer pizza. C) buy more of both goods. D) stay with the current combination of goods.
Which of the following would cause the investment demand curve to shift?
a. Animal spirits (expectations). b. Technological change. c. Change in business taxes. d. All of these.
For the past three years, you have earned economic profits of $5,00 . per year by being the only vendor selling bottled tap water at your town's Fourth of July celebration. When you go to city hall to apply for a vending permit for this year's
celebration, the city clerk mentions that fifty new firms have received permits to sell tap water this year. a . What can you do to protect your economic profit in the short run? b. What can you do to protect your economic profit in the long run?