In sequential order, the four phases of the business cycle are
A. peak, contraction, trough, expansion.
B. contraction, trough, peak, expansion.
C. trough, peak, expansion, contraction.
D. expansion, contraction, peak, trough.
Answer: A
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An increase in the price level real wealth, which causes consumption to
A) raises; decrease B) lowers; increase C) lowers; decrease D) raises; increase
If a firm's production function is Leontief and the price of capital goes down, the:
A. cost-minimizing combination of capital and labor does not change. B. firm must use less capital in order to minimize the cost of producing a given level of output. C. firm must use more capital in order to minimize the cost of producing a given level of output. D. firm must use less labor in order to minimize the cost of producing a given level of output.
How do you interpret the value of cross-price elasticity?
What will be an ideal response?
The food and fiber industry today accounts for roughly what percent of GDP in the United States?
A) 8 to 11 percent B) 16 to 20 percent C) 12 to 15 percent D) 4 to 7 percent