Which of the following is characteristic of a downturn in the business cycle?

The balance of trade can only worsen if income ________ relative to absorption

A) increases B) decreases C) does not change D) None of the above

In economics the term utility refers to

a. the subjective benefit or satisfaction a person expects to receive from a choice or course of action. b. the number of possible uses for a resource. c. the fact that human desire for goods is unlimited while the resources available to meet those desires is limited. d. the highest valued alternative that must be sacrificed when a choice is made.