The four phases of the business cycle are
A. expansion, peak, recession, trough
B. prosperity, recession, depression, recovery
C. inflation, recession, stagflation, expansion
D. consumption, investment, government purchases, and net exports
Answer: A. expansion, peak, recession, trough
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Private insurance companies have been out of the flood insurance business for decades. After their departure the government has gone into the business by granting coverage with below-market premiums
Why might this be in inefficient outcome? Comment on the amount of housing that we should expect to see along our nation's coastlines. Also, discuss the degree of danger that this poses for both property and lives when hurricanes strike.
When a producer's demand curve is a horizontal straight line, we know that
a. market demand is horizontal as well b. there is considerable brand loyalty for the producer's good c. the producer is a monopolist d. the producer has significant market share e. the producer is in a perfectly competitive industry