Which of the following is true of a recessionary period?
a. It is usually accompanied by an improvement in the value of an economy's currency.
b. It is usually accompanied by low levels of inflation
c. It is usually accompanied by a dramatic decline in the stock of inventories.
d. It usually lasts for a few months.
e. It leads to a drastic decline in government spending.
d
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The price elasticity of demand for gasoline is 0.40. If the price of gasoline rises by 20 percent, there will be
A) a decrease of more than 20 percent in the quantity of gasoline demanded. B) an increase in the total revenue received from the sale of gasoline. C) a loss of total revenue for gasoline producers, because at a higher price the quantity of gasoline demanded decreases. D) no change in the quantity of gasoline sold because people need gasoline.
A person obtains income by selling the services of the resources that he or she owns
a. True b. False Indicate whether the statement is true or false