Industries that are extremely sensitive to the business cycle are the
A) durable goods and service sectors.
B) nondurable goods and service sectors.
C) capital goods and nondurable goods sectors.
D) capital goods and durable goods sectors.
D
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What generally causes the business cycle? What are the four phases of a single business cycle? What are the problems associated with the business cycle?
The unemployment rate is calculated as: a. the number of officially unemployed persons divided by the number of officially employed persons
b. the number of officially employed persons divided by the number of officially unemployed persons. c. the number of officially unemployed persons divided by the number of officially employed plus unemployed persons. d. the number of officially unemployed persons divided by the population.
Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following statements is correct?
a. The flatter supply curve represents a supply that is inelastic relative to the supply represented by the steeper supply curve. b. The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter supply curve. c. Given two prices with which to calculate the price elasticity of supply, that elasticity would be the same for both curves. d. A decrease in demand will increase total revenue if the steeper supply curve is relevant, while a decrease in demand will decrease total revenue if the flatter supply cure is relevant.
Normally, exchange rates are expressed as:
a. the number of units of the currency per one ounce of gold. b. the GDP of one nation as a percentage of the GDP of the other. c. the price of one unit of foreign currency expressed in terms of the domestic currency. d. ratios of the value of one nation's wealth compared to the other.