Economists use the phrase "business cycle" when referring to fluctuations in:
a. real GDP.
b. the chain price index.
c. the consumer price index.
d. the general level of prices.
a
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When an economy is experiencing an economic boom and operating beyond its long-run capacity,
a. strong demand for investment funds will push interest rates upward. b. weak demand for resources will push the prices of resources downward. c. weak demand for investment funds will cause the real interest rate to decline. d. the unemployment rate will be greater than its natural rate.
If the government removes a binding price floor from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease. b. decrease, and the quantity sold in the market will increase. c. increase, and the quantity sold in the market will decrease. d. increase, and the quantity sold in the market will increase.