The distinguishing characteristics of business cycles are
a. periods of inflation followed by periods of deflation.
b. high rates of economic growth coupled with high rates of unemployment.
c. a constant rate of economic growth coupled with ups and downs in the general level of prices.
d. periods of growth in real output followed by periods of decline.
D
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In New York City, Mayor Michael Bloomberg has recently recommend that the city, with the help of private donors, make cash payments to poor and underprivileged parents who can certify that their children are attending school on a regular basis
The payments would start after third grade and go through high school, rising each year as dropout rates get higher and a child's forgone earning potential is higher. What economic concept does this policy represent? A) public goods B) technological progress C) externalities D) the "invisible hand" E) incentives
Transfer payments are:
A) included in GDP. B) not included in GDP. C) included in both GDP and GNP. D) none of the above.