Periodic fluctuations in GDP are called business cycles

If the incomes of New Englanders increased and they demanded more tobacco, then tobacco would be:

a. a normal good. b. an inferior good. c. a substitute good. d. a complementary good.

One factor that explains the short-run trade-off between inflation and unemployment is labor contracts that fix wages for an extended period of time

a. True b. False Indicate whether the statement is true or false