In reference to short-term economic fluctuations, the "trough" refers to:
A. the low point of economic activity prior to a downturn.
B. the low point of economic activity prior to a recovery.
C. a period in which the economy is growing at a rate significantly below normal.
D. a particularly strong and protracted recession.
Answer: B
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Refer to Table 6-6. Based on the data in the table, between a price of $9.99 and $14.99, the price elasticity of demand for books is
A) -14.8. B) -1.35. C) -0.74. D) -1.16.
Which of the following variables can be used to measure labor productivity?
A. number of workers B. number of labor hours C. real GDP D. all of these
Suppose it takes workers in Baldistan 20 hours to produce a metal folding table, and it takes workers in Plochia 18 hours to produce an identical table. Workers in Baldistan take 40 hours to produce a set of ceramic plates, and it takes workers in Plochia 22 hours to make identical plates. Which of the following is true?
A. Baldistan and Plochia can gain from trading with one another. B. Plochia is better off making both tables and plates and not trading with Baldistan. C. Plochia has a comparative advantage in making tables. D. Baldistan has an absolute advantage in making tables.
At an output of zero, ________ is zero.
A. total variable cost B. total cost C. total fixed cost D. All of the above are correct.