The recurrent ups and downs in the level of economic activity extending over several years are a description of a:
A. recession.
B. business cycle.
C. business trough.
D. noncyclical fluctuation.
Answer: B
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According to the intertemporal substitution effect, a higher price level
A) decreases the quantity of real GDP demanded. B) lowers the costs of building new plants and equipment. C) increases the quantity of real GDP demanded. D) makes it less costly for people to buy houses and cars.
If demand facing the firm is price-inelastic, marginal revenue will be:
a. positive. b. zero. c. negative. d. constant.
Which of the following firms is the closest to being a perfectly competitive firm?
a. a hot dog vendor in New York b. Microsoft Corporation c. Ford Motor Company d. the campus bookstore
The poverty line
A. is shifted downward from year-to-year. B. is constant. C. is raised from year-to-year. D. is tied to the unemployment rate.