A(n) ________ comes to an end with a business cycle ________
A) recession; peak
B) recession; trough
C) expansion; trough
D) expansion; bubble
Answer: B
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Over time, housing shortages caused by rent control
A.decrease, because the demand for and supply of housing are less elastic in the long run. B.decrease, because the demand for and supply of housing are more elastic in the long run. C.increase, because the demand for and supply of housing are more elastic in the long run. D.increase, because the demand for and supply of housing are less elastic in the long run.
Business cycles are linked to the interaction between:
a. the foreign exchange rate and the balance of payments account. b. the aggregate demand and aggregate supply curves. c. the demand and supply curves for a particular good. d. the substitution and the wealth effect. e. the long-run aggregate supply curve and the aggregate resource curve.
"We lose more by letting the company fail than by having the government save it." This was most likely said by an economist who believes that
A) crowding out is complete. B) bailouts are sometimes necessary. C) the tax multiplier is larger than the government spending multiplier. D) the AS curve is vertical. E) the AS curve is upward-sloping.
Which of the following will be most likely to cause the production possibilities curve for a country to shift inward?
What will be an ideal response?