Which of the following is true?
a. A depression is a recession that is mild and relatively brief
b. The expansions and contractions of real world business cycles last varying lengths of time and often differ in magnitude.
c. The timing of business fluctuations is regular and therefore easily predictable.
d. During the contractionary phase of the business cycle, the rate of unemployment is generally quite low.
b
Economics
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The above table gives the demand and supply schedules for cat food. What is the equilibrium price and quantity?
What will be an ideal response?
Economics
Gains from trade will be possible as long as
A) levels of utility differ. B) utility functions differ. C) marginal rates of substitution differ. D) endowments differ.
Economics