Persistence is
A) the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth.
B) the idea that the standard pattern of contraction—trough—expansion—peak occurs again and again in industrial economies.
C) the tendency of many economic variables to move together in a predictable way over the business cycle.
D) the idea that peaks and troughs of the business cycle occur at regular intervals.
A
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In a perfectly competitive labor market,
a. some workers may be prevented from leaving the labor market b. workers compete for employment opportunities c. workers usually receive wages that are greater than their marginal revenue product d. firms view all workers as being identical e. there are relatively few sellers of labor services
The basic difference between macroeconomics and microeconomics is that...
What will be an ideal response?
The sudden explosion of cheap and readily available mortgages encouraged people to:
A. buy bigger and better homes. B. become less risk-averse. C. securitize their investments. D. become more risk-averse.
Economists believe the Cost-Benefit Principle is:
A. a simple but useful model of how people should make choices. B. an interesting intellectual exercise with little applicability to the real world. C. of little use to those who wish to learn how to make better decisions. D. a comprehensive description all the factors that influence people's choices.