When we say that economic fluctuations are "irregular and unpredictable," we mean that
a. the relationship between output and unemployment is erratic and difficult to characterize.
b. when one macroeconomic variable that measures income or spending is falling, other macroeconomic variables that measure income or spending are likely to be rising.
c. recessions do not occur at regular intervals.
d. All of the above are correct.
c
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If both a buyer and a seller have the same information, they are said to have symmetric information.
Answer the following statement true (T) or false (F)
Which of the following is an example of income inequality between nations? a. An electronics firm paying less than the U.S. minimum wage because it moved its manufacturing operations to Mexico. b. The opportunity cost of producing wheat in the U.S. is less than that in the United Kingdom
c. A pair of tennis shoes costing $150 in the U.S. costs $220 in the United Kingdom. d. The cost of producing wine in the U.S. is more than that in Italy.
Which of the following is not a determinant of demand?
A) A change in taste and preference B) The number or buyers C) A change in the price of the item in question D) A change in the price of a substitute item
The country of Mu has continuous strong economic growth and a persistently steady price level. This situation is most likely the result of aggregate demand growing ________ aggregate supply.
What will be an ideal response?