A business cycle is the:
a. period of time in which expansion and contraction of economic activity are equal.
b. period of time in which there are three phases: peak, depression, and recovery.
c. recurring growth and decline in real GDP.
d. period of time in which a business is established and ceases operations.
c
Economics
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Refer to the figure above. What is the producer surplus before Lithasia opens up to free trade?
A) $6 B) $12 C) $18 D) $24
Economics
Which of the following is NOT a mechanism the HPAE used to share wealth across all layers of society?
A) significant investments in rural infrastructure B) free public education C) tax policies that strongly redistributed income from rich to poor D) land reform
Economics