Which of the following definitions or statements is not correct?
a. The entire business cycle can be measured from one peak to the next peak.
b. Oddly enough, if you consider the entire business cycle, they all have the same duration.
c. The entire business cycle can be measured from one trough to the next trough.
d. An expansion occurs when broad-based economic activity improves significantly and lasts for more than a few months.
e. A recession occurs when there is a significant contraction in economic activity that is spread broadly across the economy and lasts for more than a few months.
.B
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What are the factors that affect the supply curve for labor?
What will be an ideal response?
Thomas Jefferson's main goals for land policy included all of the following except:
a. To assure secure property rights to the land owned by individuals. b. To establish a system for collecting property taxes on land owned by individuals. c. To provide revenues to the federal government through land sales. d. To encourage the spread of democratic institutions.
Assume that full-employment real GDP is Y = $1,200 billion, the current equilibrium real GDP is Y = $800 billion, and the MPC is 0.50 . What level of aggregate expenditures will close the recessionary gap?
a. $50 billion. b. $80 billion. c. $140 billion. d. $200 billion. e. $400 billion.
If actual output exceeds potential output, the short-run aggregate supply curve shifts downward over time.
Answer the following statement true (T) or false (F)