Business cycles ________, and recessions ________
A) are of equal length; are of equal severity
B) are of equal length; differ in severity
C) vary in length; are of equal severity
D) vary in length; differ in severity
D
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If the inflation rate in an economy is higher than expected, which of the following groups in the society would be most likely to gain?
a. Borrowers b. Lenders c. Persons holding large amounts of money d. Persons on fixed incomes e. Workers under contract without a cost of living adjustment
The sharp rise in the debt-to-GDP ratio in 2008-2009
a. was exclusively automatic due to the effect of declining income on government outlays and tax revenues. b. was exclusively due to an aggressive fiscal policy. c. was exclusively due to military expenditures. d. was partly automatic due to the effect of declining income on government outlays and tax revenues, and partly due to an aggressive fiscal policy. e. was exclusively due to foreign aid expenditures.