Why do economists prefer using the term economic fluctuation rather than business cycle?
a. political correctness
b. number of parameters involved
c. excessive volatility of the cycles
d. lack of regularity of a cycle
d
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An external cost is a cost of producing a good or service that is
A) not paid by the producers. B) paid by the producers. C) paid by the government. D) paid by the consumer and the government.
If the income from investments abroad and net transfer payments are negligible, the current account becomes equivalent to a country's net exports
Indicate whether the statement is true or false
In the long run, fixed costs are
A) sunk. B) avoidable. C) larger than in the short run. D) not included in production decisions.
The beauty of Nash's equilibrium concept is that
a. all games have one. b. all games have no more than one. c. all games have a rich set to choose from. d. it is a Pareto optimum.