Business cycles that are triggered by events such as wars, changes in housing construction, or innovation are known as
a. internally induced cycles
b. externally induced cycles
c. real business cycles
d. population cycles
e. accelerating cycles
B
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If the price of gasoline increases significantly, then we'd expect the price for hybrid and electric cars to
A. increase, and the quantity to decrease. B. increase, and the quantity increase. C. decrease, and the quantity to decrease. D. decrease, and the quantity to increase.
In the Keynesian model, the real wage is mildly procyclical because
A) demand for labor fluctuates with the demand for final goods. B) firms take advantage of recessions to pay slightly lower wages, since there's excess labor supply. C) workers' effort may depend on the unemployment rate and the real wage. D) the supply of labor fluctuates with the business cycle.
The quantity equation states:
A. M ×V = P ×Y. B. M ×P = Y ×V. C. P ×V = M ×Y. D. M ×Y = P ×V
The U.S. and Canada have significant trade with each other. Which of the following is true?
A. Canadian prices decrease ? Canadian exports decrease ? U.S. prices increase. B. Canadian prices decrease ? Canadian exports decrease ? U.S. prices decrease. C. Canadian prices increase ? Canadian exports decrease ? U.S. prices increase. D. Canadian prices increase ? Canadian exports increase ? U.S. prices decrease.