What you mean by business cycles? What are their consequences?
What will be an ideal response?
Business cycles are periodic upswings and downswings in economic growth. One important consequence of these ups and downs in economic growth is that employment varies considerably from one year to the next.
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When the Fed buys government securities, the immediate effect of the purchase is that banks'
A) reserves decrease. B) loans decrease. C) reserves increase. D) assets increase. E) deposits increase.
The public education system is an example of
A) an income maintenance program. B) a negative income tax. C) the poor paying more than the market price for a service they receive. D) a subsidized service.
A consumer or producer who does not pay for use of a nonexclusive good but expects others to pay is known as a:
A) free rider. B) price setter. C) fringe element. D) none of the above
A positive cross elasticity of demand means two goods
a. have downward-sloping demand curves b. are substitutes and may belong to the same market c. are complements and may belong to the same market d. are normal goods e. have upward-sloping demand curves