Alternating periods of economic growth and contraction are referred to as
A. The business cycle.
B. A policy lever.
C. Fiscal policy.
D. The fiscal cycle.
Answer: A
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To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. The sport equipment producers' share of this tax would be greater than shown in the above figure if
A) the demand was more elastic. B) the demand was more inelastic. C) the supply was more elastic. D) Both answers A and C are correct.
To know whether a particular situation for a family, business, or government involves an equilibrium or not, one must
A) understand the circumstances fully. B) determine whether the accounts are in balance. C) determine whether the credits equal the debits. D) determine whether a particular portion of the accounts are in balance or not.
The financial system does NOT influence
a. long-run economic growth. b. saving and investment. c. the amount of capital in the economy. d. the amount of natural resources in the economy.
Figure 10-1
At which point in is the economy at long-run equilibrium?
a.
A
b.
B
c.
C
d.
D