In a business cycle, a peak represents the end of ________ and a trough represents the end of ________.
A. a recession; an expansion
B. a trough; a peak
C. an expansion; a recession
D. a depression; an expansion
Answer: C
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Confidence in Keynesian economics: a. diminished in the 1960s as the unemployment rate fell
b. flourished in the 1960s despite two major recessions. c. diminished in the 1960s as unemployment increased. d. diminished in the 1970s as inflation occurred simultaneously with two recessions. e. flourished through the 1980s despite Reagan's supply-side policies.
Suppose a loaf of bread sold for $3.00 in 2008 . The price of bread then increases to $3.60 in 2009 . The price index for bread considering 2008 as the base year is _____
a. 1.20 b. 83.33 c. 120 d. 100 e. 20
If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good, then for that consumer, consumer surplus amounts to
a. $4. b. $16. c. $20. d. $36.
The _____________ program of President Lyndon Johnson was designed to lift people out of poverty.
Fill in the blank(s) with the appropriate word(s).