Which of the following statements is FALSE?
A) Changes in real GDP can cause changes in an economy's level of employment.
B) The U.S. economy tends to operate at a particular level of output for a long period of time.
C) The general level of prices in an economy can be affected as output expands toward full employment.
D) The level of activity in a market economy is always going through periods of expansion and contraction.
Correct Answer:
Verified
Q1: Typically, when real GDP goes up over
Q2: A decrease in real GDP should lead
Q4: A business cycle is:
A) a recurring period
Q5: Which of the following statements about business
Q6: The phases of a business cycle are:
A)
Q7: The four phases of a business cycle,
Q8: The phase of the business cycle where
Q9: The phase of the business cycle where
Q10: The phase of the business cycle during
Q11: The federal government attempts to control business
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