The peak phase of the business cycle represents
A) a temporary maximum output level of Gross Domestic Product (GDP).
B) an increase in foreign investment.
C) a labor surplus.
D) falling prices.
Ans: A) a temporary maximum output level of Gross Domestic Product (GDP).
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Hyperinflation is
A) inflation caused by negative growth in the quantity of money. B) inflation at a rate that exceeds 5 percent a month. C) only theoretical and has never occurred in the real world. D) inflation caused by excessive growth in the demand for money. E) inflation at a rate that exceeds 50 percent a month.
The army is more likely than a business firm to assign a highly-skilled person to a job requiring little skill because the people who assign military personnel
A) are generally guided by the public interest rather than private interest. B) incur little cost from misallocating personnel. C) must consider the welfare of the whole rather than the profitability of the enterprise. D) work for the government, where there is less demand for skilled personnel.