In order of their occurrence, the phases of the business cycle are:
A. peak, downturn, trough, upturn.
B. peak, upturn, downturn, trough.
C. peak, downturn, upturn, trough.
D. peak, upturn, trough, downturn.
Answer: A
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All firms can increase profits using price discrimination
A) True, because market demand curves are downward sloping B) True, because firms can sell different versions of a product that is just right for an individual consumer C) False, because consumers aren't forced to buy a firm's products D) False, because some firms are in competitive markets
Net capital outflow measures how many capital goods are:
A. exported from a country. B. exported minus how many are imported to a country. C. imported from a country. D. imported to a country minus exported from a country.
Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production. B) The terms resources, inputs, and factors of production are synonyms. C) Labor consists of the physical, but not mental, talents of people who contribute to the production process. D) Entrepreneurship is one of the four categories of resources. E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
Of the collection of supply and demand diagrams in Figure 2.2, which one shows the result of an increase in the population of the group of people likely to buy a good?
A. Figure 1 B. Figure 2 C. Figure 3 D. Figure 4