The highest and lowest levels of economic activity during the business cycle are called
a. peaks and troughs.
b. expansions and contractions.
c. nadirs and zeniths.
d. leading and lagging indicators.
a. peaks and troughs.
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When did the Federal Reserve Act become law?
A) 1836 B) 1913 C) 1936 D) 1951
Lags in the policy-making process come from:
A. lack of understanding the current state of the economy. B. the process of deciding on and passing legislation. C. the time it takes for policy to have an impact on the economy. D. All of these are true.
An increase in production of one good will have zero opportunity cost only if the economy initially existed at a point inside the production possibilities curve
a. True b. False Indicate whether the statement is true or false
The aggregate demand curve slopes downward in part due to the:
A. positive relationship between the price level and exports. B. negative relationship between the price level and net exports. C. negative relationship between the price level and imports. D. All of these are true.