The conventional business cycle has _____ phases.
A. two
B. three
C. four
D. five
E. six
B. three
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Price elasticity of supply is represented as ____________________.
a. monetary currency b. a percentage c. a fraction d. a ratio
A measurement error occurs in a regression model when _____.
A. the observed value of a variable used in the model differs from its actual value B. the dependent variable is binary C. the partial effect of an independent variable depends on unobserved factors D. the model includes more than two independent variables
Stagflation may follow an inflationary boom.
Answer the following statement true (T) or false (F)
The money supply will tend to fall when which of the following occurs?
A) a central bank sale of bonds B) a decrease in the ratio of reserves to deposits C) a shift in public preferences away from currency to checkable deposits D) all of the above E) none of the above