Recessions begin at ________ and end at ________.
A. the highest unemployment rate; the lowest unemployment rate
B. a trough; a peak
C. a peak; a trough
D. the lowest unemployment rate; the highest unemployment rate
Answer: C
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In games with more than three players, the horizontal axis measures
A) the number of players. B) payoffs. C) time. D) all of the above
What method of inventory valuation should be used for economic decision-making problems?
a. book value b. original cost c. current replacement cost d. cost or market, whichever is lower e. historical cost
If resource A and resource B are substitutes of each other and the price of resource A increases, then:
a. the price elasticity of demand for resource B will increase. b. the demand for resource A will increase. c. the demand for resource B will increase. d. the price elasticity of demand for resource B will decrease. e. the demand for resource B will decrease.
If government purchases exceed tax revenue, there is a budget deficit
a. True b. False Indicate whether the statement is true or false