The period in the business cycle from a peak to a trough is a
A. recession.
B. contraction.
C. slump.
D. All of the above are correct.
Answer: D
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In the short run, when the Fed increases the federal funds rate,
A) the real interest rate rises and investment does not change. B) the real interest rate is unaffected but investment still decreases. C) the real interest rate rises and investment decreases. D) there is no effect on investment because investment depends on the real interest rate. E) the real interest rate falls and investment increases.
Of the following OECD countries, which has the best breast cancer and prostate cancer survival rates?
A) the United Kingdom B) Japan C) Canada D) the United States
During the 1960s, U.S. steel firms argued they needed tariff protection because Germany and Japan were using new mills to make steel since their old mills were destroyed in World War II. Essentially, this argument is a form of the
A) infant-industry argument. B) anti-dumping argument. C) countering foreign subsidies argument. D) national defense argument.
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. Industry demand is initially D1 and industry supply is initially S1 in this increasing cost industry. If ________, then in the long run the industry will move to point E.
A. supply remains at S1 B. demand decreases to D2 C. supply decreases to S2 D. demand increases to D2