Predicting business cycles is difficult because
A) they are very persistent.
B) the weather changes unpredictably.
C) statistics lie.
D) their frequency is irregular.
D
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The graph illustrates the supply of sweaters. A fall in the price of sweaters brings
A) a decrease in the quantity supplied of sweaters. B) a movement along the supply curve. C) a shift of the supply curve. D) Both answers A and B are correct. E) Both answers B and C are correct.
Goods that are similar but are not perfect substitutes are called ________ goods
A) differentiated B) homogeneous C) normal D) inferior
If the market price of a perfectly competitive firm's product is below its average variable cost, then the firm's
A) marginal revenue is zero. B) total revenue is as large as possible. C) total revenue if it stayed open would be less than its total variable costs. D) total revenue if it stayed open is less than its total cost but greater than its total fixed costs.
What is one potential problem with offering a choice of contracts to two different employees?
A) If Employee A is paid more than Employee B, Employee A might sue for discrimination. B) Employee A might be paid less than Employee B, proving statistical discrimination. C) The two employees might compare salaries without comparing risk-preferences, thereby running the risk of jealousy or claims of discrimination. D) The two employees might compare risk preferences without comparing salaries, thereby running the risk of jealousy or claims of discrimination.