From 1991 until 2001, the United States was in a period of

A) expansion.
B) recession.
C) business cycle troughs.
D) business cycle peaks.


Answer: A

Economics

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Even with a limited number of governments, everyone's government demand can be met

a. True b. False

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If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication of the:

a. law of consumer equilibrium. b. law of diminishing marginal utility. c. law of diminishing consumer surplus. d. law of supply.

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Under the rational expectations hypothesis, which of the following is the most likely short-run effect of a move to expansionary monetary policy?

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Because the market demand curve slopes downward

a. each unit of a good is worth more than the market price b. each unit of a good is worth the market price paid for each c. each unit of a good is worth less than the previous units are worth d. diminishing marginal returns have set it e. the market is efficient

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