The Variation in an Economic Time-Series Which Is Caused by Major

question 7

Multiple Choice

The variation in an economic time-series which is caused by major expansions or contractions usually of greater than a year in duration is known as:

• A) secular trend
• B) cyclical variation
• C) seasonal effect
• D) unpredictable random factor
• E) none of the above

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Definitions:

Routine Maintenance

Routine maintenance involves regular and basic upkeep to maintain equipment, systems, or facilities in operational condition, preventing major failures or breakdowns.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of that good that suppliers are willing and able to supply.