Economic activity moves from a period of recession to a ________ and then moves into a period of ________ until it reaches a ________.
A. trough; expansion; peak
B. trough; recession; peak
C. peak; expansion; trough
D. peak; recession; trough
Answer: A
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A. utility. B. market failure. C. consumer demand. D. consumer surplus.
When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include:
A. fences B. walkways C. sewer systems D. streets
A market is a group of buyers and sellers of a particular good or service
a. True b. False Indicate whether the statement is true or false
A country's standard of living depends on its ability to produce goods and services
a. True b. False Indicate whether the statement is true or false