The tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth is called
A) persistence.
B) comovement.
C) periodicity.
D) recurrence.
A
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By producing less, a firm can reduce
A) its fixed costs and its variable costs. B) its fixed costs but not its variable costs. C) its variable costs but not its fixed costs. D) neither its variable costs nor its fixed costs.
Consumer surplus in a market for a product would be equal to the area under the demand curve if
A) the product was produced in a perfectly competitive market. B) marginal cost was equal to the market price. C) the market price was zero. D) producer surplus was equal to zero.
Banks are considered a safer place to deposit money now than they were prior to 1933 because: a. gold reserves have increased
b. reserve requirements are higher. c. they are more closely regulated. d. the FDIC was created.
A tariff differs from a quota in that a tariff is
a. levied on imports, whereas a quota is imposed on exports. b. levied on exports, whereas a quota is imposed on imports. c. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can be exported. d. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.