The period of expansion ends with a ________ and the period of recession ends with a ________
A) business cycle peak; business cycle trough
B) business cycle trough; business cycle peak
C) business cycle peak; business cycle peak
D) business cycle trough; business cycle trough
Answer: A
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The fact that since 1990 the number of movie screens in the United States has grown faster than the number of theaters illustrates the benefits of
a. economies of scale b. constant long-run average cost c. diseconomies of scale d. increasing long-run average cost e. a U-shaped marginal cost curve
A person who takes less care of his health after obtaining a health insurance is creating a negative externality
a. True b. False Indicate whether the statement is true or false
Which of the following would most likely increase the supply of beef?
a. lower prices of grains used to feed cattle b. lower prices for chicken, a substitute for beef c. new medical research suggesting that beef causes more serious health problems than was previously thought d. an increase in the cost of transporting beef products to the consumer market