The Business Cycle Dating Committee, a part of the ________, officially decides when a recession begins and ends
A) federal government
B) Bureau of Labor Statistics
C) National Bureau of Economic Research
D) Federal Reserve
Answer: C
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Buyers and sellers of a particular good make up the:
A. demand for the good. B. production possibilities curve for the good. C. market for the good. D. supply for the good.
Which of the following is TRUE about the long-run aggregate supply curve?
A) It is vertical at the level of potential GDP. B) It shows the relationship between the price level and real GDP when the economy is at full employment. C) It does not shift in response to temporary changes in aggregate demand. D) All of the above are true.
Due to adverse selection, very few lemons will be sold in the market for used cars
Indicate whether the statement is true or false
The quantity supplied of a particular good is the amount of the good that
A) households are willing to consume at each particular price. B) firms will actually end up buying at a particular price during a given time period. C) firms are willing to sell at each price during a particular time period. D) households want firms to sell at each price during a particular time period.