Which of the following is correct concerning recessions?
a. They come at fairly regular and predictable intervals.
b. They are associated with comparatively large increases in investment spending.
c. They are any period when real GDP growth is less than average.
d. They tend to be associated with rising unemployment rates.
d
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The statement "There is no accounting for taste" implies
A) individuals all have the same preferences. B) individuals all have different cardinal preferences but the same ordinal preferences. C) individuals all have different ordinal preferences but the same cardinal preferences. D) individuals all have different ordinal and cardinal preferences.
An expensive bottle of balsamic vinegar is an example of an ________ good, and an order of lasagna from Bella's Restaurant is an example of a(n) ________ good.
A) experience; experience B) experience; inspection C) inspection; inspection D) experience; credence