A review of economic data suggests that:
A. over the last fifty years, recessions are becoming more common.
B. business cycles are recurrent and periodic.
C. recessions are shorter in duration than expansions.
D. expansions are shorter than recessions.
Answer: C
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Refer to the figure above. What is the domestic demand for pens in Lithasia, after the economy opens up to free trade?
A) 6 units B) 12 units C) 16 units D) 22 units
Which of the following causes the aggregate supply curve to rise?
a. An increase in a nation's level of productivity. b. A decrease in input prices. c. An increase in the value of the domestic currency. d. All of these answers are correct.
The determinants of the market supply of labor include all of the following except
A. The market wage rate. B. Prices of consumer goods. C. Taxes. D. Income and wealth.
In a growing economy, it is possible to eliminate
A) absolute poverty. B) relative poverty. C) both absolute and relative poverty. D) either absolute nor relative poverty.