Business cycles can be described best as
(a) being pervasive during the antebellum period but their effects were isolated to the private sector.
(b) being pervasive during the antebellum period but their effects were isolated to the public sector.
(c) being pervasive during the antebellum period and their effects were felt both in the private and public sectors.
(d) uncommon during the antebellum period but their effects were felt significantly when present.
(c)
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The concept of diversification is captured by the statement
A) don't look a gift horse in the mouth. B) don't put all your eggs in one basket. C) it never rains, but it pours. D) make hay while the sun shines.
Assume that the adoption of a new technology costing $8 per year lowers the marginal cost of producing Good X from $7 to $3 . The firm will adopt the new technology if it expects annual profit to increase from $14 to $18
Indicate whether the statement is true or false