Author Question: A business cycle is the period of time in which: a. a business is established and ceases ... (Read 33 times)

jayhills49 · **on:** Jun 30, 2018

A business cycle is the period of time in which:
a. a business is established and ceases operations.
b. there are four phases: peak, recession, trough and expansion.
c. the price level varies with real GDP.
d. expansion and contraction of economic activity are equal.
e. none of these are true.

Question 2

If a new method for obtaining oil from dry oil fields is found, then we will see:
a. the AS curve shift to the left.
b. a movement to the left along the AD curve.
c. the AD curve shift to the left.
d. the AD curve shift to the right.
e. the AS curve shift to the right.