A combination of recession and inflation is called
A) a recession.
B) an expansion.
C) a business cycle.
D) stagflation.
E) depression.
D
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What is an inferior good?
A) a product of low quality that we do not want to purchase B) a product for which demand increases when income increases, and demand decreases when income decreases C) a product for which demand increases when income decreases, and demand decreases when income increases D) a product that is complementary E) a product that is a substitute for another, better good
The corporate income tax in the United States
A) excludes dividends paid out. B) only taxes retained earnings. C) results in individuals' being doubly taxed on corporate earnings. D) does not apply to profits earned on exports.
Suppose that, due to low profits, many individuals decide to leave the farming business. The effect of the exodus will be
A. to increase the demand for agricultural products. B. to increase the prices of agricultural products. C. to decrease the demand for agricultural products. D. to decrease the prices of agricultural products.
The quantity of money demanded __________. Consumers and firms spend ___________.
Fill in the blank(s) with the appropriate word(s).