A business cycle is the period of time in which
there are four phases: peak, recession, trough, and expansion
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Refer to the table below. The law of diminishing marginal returns becomes evident after ________ units of output are produced.OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 66 B. 33 C. 132 D. 99
Choices made by economic decision makers
a. are government decisions only b. are the primary focus of economics c. are not important in economic analysis d. occur infrequently e. do not involve ordinary citizens
Which of the following is NOT correct? a. In 2015, the inflation rate was 7.8 percent in the U.S
b. In 2015, the inflation rate was 84.1 percent in Venezuela c. In 2015, the inflation rate was 4.9 percent in India d. In 2015, the inflation rate was 1.5 percent in China.
Critics of supply-side economics:
A. argue that a tax cut will increase aggregate supply by more than it increases aggregate demand. B. contend that the relationship between tax rates and economic incentives is small and of uncertain direction. C. believe that a decline in tax rates will increase tax revenues. D. point out that tax cuts enable households to substitute work for leisure.