Economists use the term "business cycle" to refer to:
a. the growth of small businesses into major corporations
b. qualitative changes in products resulting from improved technology.
c. fluctuations in economic activity, measured by GDP or unemployment.
d. periods of increase or decrease in the rate of inflation.
c
Economics
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A tax on a product will yield little revenue if
a. supply is elastic b. supply is inelastic c. demand is inelastic d. demand is elastic e. no tax in a developing country will yield significant revenue
Economics
Which of the following is not a necessary characteristic of a purely competitive industry?
A. The industry- or market demand is highly elastic B. Firms can enter or leave the industry C. There are so many firms that none can influence market price D. Consumers see no difference between the product of one firm and that of another
Economics