The period of the business cycle between the peak and the trough is the
A) recession.
B) expansion.
C) recovery.
D) All of the above may fall between the peak and the trough.
A
Economics
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The short-run Phillips curve is ________, and the long-run Phillips curve is ________
A) downward sloping; downward sloping B) downward sloping; vertical C) vertical; downward sloping D) vertical; upward sloping E) upward sloping; vertical
Economics
Returns to scale refers to the change in output when
A) all inputs increase proportionately. B) labor increases holding all other inputs fixed. C) capital equipment is doubled. D) specialization improves.
Economics