The stages of a business cycle, in order, are
a. expansion, contraction, recession, and boom.
b. contraction, recession, expansion, and boom.
c. boom, expansion, contraction, and recession.
d. recession, contraction, expansion, and boom.
B
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A firm that successfully differentiates its product or lowers its average cost of production creates
A) a perfectly inelastic demand curve for its product. B) value for its customers. C) entry barriers into its market. D) economies of scale.
The LM curve illustrates that when income increases, the
A) price level must increase to clear the asset market. B) real interest rate on nonmonetary assets must increase to clear the asset market. C) price level must increase to clear the goods market. D) real interest rate on nonmonetary assets must increase to clear the goods market.