Describe the recession phase of a business cycle, including when it begins and when it ends
What will be an ideal response?
Business cycles describe time periods of economic fluctuations. A recession is a period when real GDP falls for six or more consecutive months. The date at which a recession starts is called a peak. The date at which a recession ends is called a trough. After a trough comes an expansion, or recovery, phase, eventually leading to a new peak, and a new cycle begins.
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Production costs for a given output will be minimized when the
A. budget line and the product indifference curve meet in the vertical axis. B. budget line crosses the product indifference curve. C. budget line begins to bend back on itself. D. product indifference curve and the budget line are tangent.
Suppose good X has a positive income elasticity of demand. This implies that good X could be (i) a normal good. (ii) a necessity. (iii) an inferior good. (iv) a luxury
a. (i) only b. (i) and (ii) only c. (i), (ii), and (iv) only d. (iii) only
The poverty rate in the United States is highest for:
A. married couples. B. childless households. C. female headed households. D. single people.
On average, people in high-income countries ________ than people in low-income countries
A) have a shorter life expectancy B) are subject to a higher infant mortality rate C) are taller D) are exposed to more severe diseases