Fluctuations around the long-term growth rate are called:
A. depressions.
B. recessions.
C. expansions.
D. business cycles.
Answer: D
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The above figure illustrates a perfectly competitive wheat farmer
a. What will be the firm's profit-maximizing price and output? b. When the farmer produces 25,000 bushels of wheat, the difference between the firm's average total cost and the price is at its maximum. Explain why this amount of wheat either is or is not the profit-maximizing quantity.
Double counting occurs because most products that people purchase are manufactured by the same company
a. True b. False Indicate whether the statement is true or false
In the mid-1970s, the price of oil rose dramatically. This
A. shifted aggregate supply left. B. caused the U.S. prices to fall. C. shifted aggregate supply right. D. All of these responses are correct..
In the aggregate expenditures model, the consumption schedule is shown to be:
A. Directly related to real interest rates B. Inversely related to real interest rates C. Directly related to real income GDP D. Inversely related to real income GDP