The U.S. business cycle record, in common with most, has
A) peaks lasting longer than troughs.
B) troughs lasting longer than peaks.
C) recessions lasting longer than expansions.
D) expansions lasting longer than recessions.
D
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Which is NOT true about the use of economic models?
A) Economic models are simplified representations of the real world. B) Economists always use experiments in science laboratories to test their theories. C) Economists use what has already happened in the real world to test their theories. D) Economists are employed to explain economic phenomena but are never used to predict what might happen next.
Competitive pricing is efficient because
A. the price that consumers pay reflects the opportunity cost to society of producing the good. B. firms make positive economic profits in long-run equilibrium. C. firms produce above the minimum efficient scale. D. average revenue equals average cost.
Fiat money has
A) a great intrinsic value that is independent of its use as money. B) little to no intrinsic value and is authorized by the central bank or governmental body. C) value, because it can be redeemed for gold by the central bank. D) little to no intrinsic value but is backed by the quantity of gold held by the central bank.
The net exports effect is the ____ relationship between net exports and the price level of an economy.
A. inverse B. independent C. direct D. linear