1 A business cycle is:
a. the period of time in which there are three phases which are: peak, depression, and expansion.
b. the period of time in which expansion and contraction of economic activity are equal.
c. the period of time in which a business is established and ceases operations.
d. the recurring growth and decline in real GDP.
d
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Ms. Mahmood is a retired schoolteacher whose pension income is $25,000 per year. She also receives Social Security income of $5,000 per year. Mr. Little is a young man who does not choose to work. He inherited $600,000 from his Aunt Clara, which he invested in a bond fund that provides a 5 percent return, generating $30,000 income per year. If we are concerned about the equity of taxation, should we consider these two people as equals and tax them equally? Explain why or why not.
What will be an ideal response?
Explain the differences between the public debt and the government budget deficit
What will be an ideal response?
A summary record of a country's international economic transactions in a given time period is the
A. Current account. B. Balance of payments. C. Capital account. D. Exchange rate balance.
A firm's long term supply function is the segment of the marginal cost above the average fixed cost curve.
a. true b. false