An expansion ends when the economy
A) hits a trough and then enters a recession.
B) hits a peak and then enters a recession.
C) begins to grow following a peak.
D) has grown for two quarters in a row.
B
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Critics of social regulation argue that it:
A. causes deflation. B. violates the due process clause of the U.S. Constitution. C. is a relatively greater burden for small firms than for large firms. D. improves allocative efficiency.
When the Federal Reserve wishes to, in the short run, decrease inflation, it
A. will increase the money supply by buying bonds. B. will decrease the money supply by selling bonds. C. will increase the money supply by selling bonds. D. has no policy options that will accomplish this.
National income is defined as gross national product minus
a. depreciation and net taxes. b. national income. c. depreciation. d. personal disposable income.
Regulation imposed by such organizations as the Food and Drug Administration or the Environmental Protection Agency seeking to protect the welfare of people in our nation is referred to as
A) moral regulation. B) natural regulation. C) rate-of-return regulation. D) social regulation.