The period between a business cycle peak and the subsequent trough is called
a. a recession.
b. a complete cycle.
c. an expansion.
d. a change in economic trend.
A
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What is the primary problem in comparing income inequality in the US with income inequality in other countries?
The amendment to the U.S. Constitution that granted the federal government the authority to collect income taxes was the
A. 8th. B. 26th. C. 28th. D. 16th.
Long-run aggregate supply curve in the classical model
A. is the level of real GDP corresponding to 100 percent labor force participation. B. is the level of real GDP corresponding to the natural rate of unemployment. C. is determined by the capital stock of the economy, not the labor force. D. is a downward sloping line.
The largest goods exports of the United States (in dollar volume, 2012) are:
A. energy products, agricultural products, metals, and chemicals. B. petroleum, automobiles, clothing, and household appliances. C. iron and steel, clothing, beef, and sugar. D. aircraft, glassware, television sets, and furniture.