The series of ups and downs the economy tends to move in is called
A) the business cycle.
B) a recession.
C) a depression.
D) economic growth.
A
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From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion. C) recession. D) business cycle troughs.
According to Elinor Ostrom's view of The Tragedy of the Commons:
a. The only way to prevent the collapse of the commons is government intervention. b. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual. c. Individuals will create institutions to prevent the collapse of the commons. d. Individuals will use the commons beyond the socially efficient point.
Which of the following is most likely to result in a temporary spurt in the growth of real output that cannot be maintained in the long run?
a. an anticipated increase in aggregate demand b. an unanticipated increase in aggregate demand c. an increase in long-run aggregate supply (LRAS) d. an increase in resource prices relative to product prices
When supply falls and demand remains the same, equilibrium price _______ and equilibrium quantity __________.
Fill in the blank(s) with the appropriate word(s).