Economists use the term "business cycle" to refer to
a. the growth of small businesses into major corporations.
b. changes in products that occur from improved technology.
c. fluctuations in the level of real output and employment.
d. periods of increases and decreases in the rate of inflation.
C
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The income elasticity of demand for foreign travel
A) is likely to be smaller than the income elasticity of demand for food. B) is likely to be larger than the income elasticity of demand for food. C) cannot be compared to the income elasticity of demand for food. D) is likely to be inelastic. E) is likely to be negative.
________ in the expected future domestic exchange rate causes the demand for domestic assets to increase and the domestic currency to ________, everything else held constant
A) An increase; appreciate B) An increase; depreciate C) A decrease; appreciate D) A decrease; depreciate
A monopolistically competitive market is characterized by
a. free entry, but not differentiated products. b. differentiated products, but not long run profits. c. long run profits, but not many firms. d. many firms, but not free entry.
The most important indirect taxes in the United States are
A. federal and state income taxes. B. inheritance taxes. C. corporate profits taxes. D. sales and property taxes.