The four parts of the business cycle occur in the following order
A) recession, trough, peak, expansion.
B) expansion, trough, peak, recession.
C) recession, trough, expansion, peak.
D) expansion, trough, recession, peak.
C
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The field of macroeconomics developed when economists looked for causes of:
A. the wealth of nations. B. the Great Depression C. poverty and inflation. D. World War I.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The U.S. has the largest trade deficit with China. How will a ban on trade with China affect the current account of the U.S.?
What will be an ideal response?
This is a question about "economic" efficiency: Prior to the 1960s, Catholic masses were officially conducted throughout the world only in the Latin language
Since the Vatican II reforms, Catholic masses are now generally conducted in the language spoken and understood by the local parishioners. What can an economist conclude? A) Catholic church authorities didn't like Latin anymore. B) Catholic church authorities once thought the use of Latin was efficient; during Vatican II the authorities in power decided it was inefficient. C) Catholic church parishoners didn't like Latin anymore. D) Nothing, because decisions related to religion are non-economic.