Business cycles can be described as
a. fluctuations around a long-term growth trend.
b. changes in economic activity due to natural causes.
c. increases in the level of business activity over an extended period of time.
d. changes in business activity due to wars.
a. fluctuations around a long-term growth trend.
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Policy that tries to influence target variables by changing the interest rate is called
A) fiscal policy. B) interest rate policy. C) recession policy. D) monetary policy.
Under what conditions might the median voter's preferred outcome not be selected through majority rule?
What will be an ideal response?
Economists study perfect competition
A. because many markets are perfectly competitive. B. for its descriptive realism. C. to establish a benchmark by which to measure the performance of the economy. D. All of the responses are correct.
When the trade-offs you face are determined by the choices someone else will make, behaving rationally involves:
A. behaving strategically. B. ignoring the behavior of other actors. C. acting in a way to help others. D. All of these statements are true.