The recurrent ups and downs in the level of economic activity extending over several years are referred to as:
A. Economic phases
B. Business startups
C. Business cycles
D. Noncyclical fluctuations
C. Business cycles
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Are money and income the same thing?
a. No, money is measured at a point in time and income is measured for a period of time. b. No, money is measured for a period of time and income is measured at a point in time. c. Yes, they are just measured in different ways. d. Yes, the only difference is real versus nominal.
Persons who choose not to become informed on political and governmental matters because they feel that the costs of becoming informed exceed the benefits of becoming informed are
A) rationally ignorant. B) not acting in their own best interests. C) members of special interest groups. D) shortsighted.
The largest metropolitan area in the United States that has no major league baseball, basketball, football, or hockey franchise is
A. Birmingham, Alabama. B. Ft. Myers, Florida. C. Las Vegas, Nevada. D. Austin, Texas.
The MR = MC rule applies:
A. in the short run but not in the long run. B. in the long run but not in the short run. C. in both the short run and the long run. D. only to a purely competitive firm.