Which statement is correct?
A. All sectors of the economy are affected to similar degrees by business fluctuations
B. Real output and employment generally show little variance over the business cycle
C. The production of nondurable consumer goods is more stable than the production of durable consumer goods over the business cycle
D. Recessions have not been severe because economists and statisticians have been able to
predict their occurrence and intensity with high accuracy
C. The production of nondurable consumer goods is more stable than the production of durable consumer goods over the business cycle
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For a typical product, an increase in consumer income will cause the market demand for the product to
a. decrease, which is a shift to the left of the demand curve. b. decrease, which is a shift to the right of the demand curve. c. increase, which is a shift to the left of the demand curve. d. increase, which is a shift to the right of the demand curve.
When a surplus exists in a market, sellers
a. raise price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. b. raise price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated. c. lower price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. d. lower price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated.
Who was the author of the path-goal theory?
a. victor vroom b. robert house c. arthur jago d. philip yetton
Economic growth takes place
A. when aggregate demand decreases. B. only if the price level is constant or rising. C. when aggregate supply increases. D. only when both aggregate demand and aggregate supply increase.