The business cycle consists of four phases. In sequence, they are prosperity,
a. recovery, recession, and downturn
b. recovery, downturn, and recession
c. upturn, downturn, and recession
d. downturn, recovery, and recession
e. downturn, recession, and recovery
E
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Refer to Figure 11-1. In a diagram that shows the marginal product of labor on the vertical axis and labor on the horizontal axis, the marginal product curve
A) never intersects the horizontal axis. B) intersects the horizontal axis at a point corresponding to the 5th worker. C) intersects the horizontal axis at a point corresponding to the 6th worker. D) intersects the horizontal axis at a point corresponding to the 8th worker.
Yield management is the practice of
A) forecasting competitors' responses to price changes. B) using information technology to find the best interest rate. C) determining production functions to minimize production costs. D) using buyer data to rapidly adjust prices.
According to the text, the actual M2 multiplier in the United States today is
A) about 5. B) between 1.0 and 2.0. C) negative. D) over 10.
For which rate of inflation given below will the real interest rate be higher than the nominal interest rate?
a. –0.5% b. 0.2% c. 0.5% d. 1.5%