What is the proper order for the business cycle?
What will be an ideal response?
peak, recession, trough, expansion
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Generally, there is a strong positive correlation between per capita GNP and other measures of human development
a. True b. False Indicate whether the statement is true or false
The fewer the firms that exist in a market, the: a. less responsive firms are to price changes
b. more responsive firms are to price changes. c. less responsive firms are to supply changes. d. less responsive firms are to demand changes.
The crowding-out effect suggests that
a. expansionary fiscal policy causes inflation. b. restrictive fiscal policy is an effective weapon against inflation. c. a reduction in private spending that results from higher interest rates caused by a budget deficit will largely offset the expansionary effects of the deficit. d. a tax reduction financed by borrowing will increase the disposable income of households and, thereby, lead to a strong expansion in aggregate demand, output, and employment.
Explain the economic costs of hyperinflation
What will be an ideal response?