Business cycles are best categorized as
(a) fluctuations in the production and employment levels in the business sector of the economy.
(b) major upswings and downturns in most sectors of the economy.
(c) variations in international trade.
(d) all of the above.
(b)
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If policymakers deem inflation as being too high, then the policy response should be monetary ________, which shifts aggregate demand______.
A. easing; a left B. easing; right C. tightening; left D. tightening; right
The goods and services that count toward GDP are:
A. defined in terms of the location of production, not the citizenship of the producer. B. anything produced by a nation’s citizens, regardless of who owns it. C. citizens producing things no matter where they produce it. D. things like stocks and bonds issued by a corporation.
?Refer to Exhibit 4-3. The University Theater faces market demand curve D0 and has begun charging $10, up from $5, for tickets for Friday and Saturday night shows. As a result, students have
A. increased their demand for tickets to Q4. B. increased their quantity of tickets demanded to Q4. C. decreased their demand for tickets to Q1. D. decreased their quantity of tickets demanded to Q1.
income expressed in current year dollars
What will be an ideal response?