In which industry or sector of the economy is output least likely to be affected by the business cycle?
A. Housing construction
B. Automobile production
C. Agricultural commodities
D. Capital goods production
C. Agricultural commodities
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According to the logic of the wage-price spiral, an increase in wages leads to ____________ in ___________, which in turn leads to _______ in _________.
Fill in the blank(s) with the appropriate word(s).
A key distinction between microeconomics and macroeconomics is the use of monetary policy. Monetary policy is conducted by:
a. local banks. b. a nation’s central bank. c. a nation’s legislative body. d. a state’s legislative body.
If a good is inferior, then an increase in income will cause the demand curve to
A. shift left. B. stay the same. C. shift right. D. rotate inward.
If there is always a three-for-one tradeoff between goods X and Y, then the PPF between X and Y is
What will be an ideal response?