Economic growth can:
A. reduce the price level in the economy.
B. increase poverty overall.
C. create less jobs compare to a stagnated economy.
D. improve standards of living.
Answer: D
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Price elasticity of demand is defined as
a. the percentage change in price divided by the percentage change in quantity demanded b. the percentage change in quantity demanded divided by the percentage change in price c. the change in quantity demanded divided by the change in price d. the change in price divided by the change in quantity demanded e. the quantity demanded divided by the price
A fall in the price of farm land and farm prices in the early 1980s caused
a. farmers to borrow more heavily on that land to plant crops b. banks that had lent heavily to farmers to go bankrupt when the farmers were unable to repay their loans c. banks that had lent heavily to farmers to earn extraordinary profit when farmers repaid loans faster than usual d. banks to increase their loans to farmers until the price of farm land increased e. banks and farmers to get together to renegotiate their loans until the price of land and goods increased
Refer to the diagram above. The phases of the business cycle from points A to D are, respectively:
Expansion, recession, trough, peak Trough, recovery, expansion, peak Peak, recession, trough, expansion Peak, recession, expansion, trough
Demand applies to which of the following?
A) fast food B) criminal activity C) labor market D) all of the above