The common term for a severe recession is a:
A. downturn.
B. depression.
C. bottoming out.
D. economic adjustment.
Answer: B
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The process of converting a future amount of money into its value today is called
A) trending. B) depreciation. C) discounting. D) compounding.
Some countries have economies that are extremely market-oriented, while other countries have ___________ economies.
a. private b. textile c. command d. internal
For some economists, it is hard to refute the validity of the war-induced theory of business cycles because for World War I, World War II, and the Korean War, the war- induced expansion came
a. when the economy was in the upswing or peak phase of an already existing cycle b. when the economy was in the upswing or trough phase of an already existing cycle c. when the economy was in the downswing or trough phase of an already existing cycle d. when the war was already over, causing a downswing in an already existing cycle e. in the aftermath of each war
Picture in your mind's eye the graph of a profit-maximizing monopolist. If its cost curves—both ATC and MC—shift upward while its demand curve remains unchanged, the monopolist will
a. decrease price and increase output b. decrease both price and output c. increase price and decrease output d. increase both price and output e. keep both price and output at the same level