Business Cycles Are

question 265

Multiple Choice

Business cycles are

• A) unpredictable, and don't always have two phases and two turning points.
• B) predictable, with a recession following a trough.
• C) unpredictable, but always have two phases and two turning points.
• D) irregular, with some having two recessions and no expansion.

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Definitions:

Smokestack Scrubber

Pollution control devices that remove or neutralize hazardous components from industrial exhaust streams, often used in power plants.

Government Policy

Strategies and measures adopted by a government to achieve certain goals in national and international affairs.

Externality

An effect of economic behavior that impacts people not directly involved in the transaction, which may be beneficial or harmful.

Socially Optimal Quantity

The socially optimal quantity is the level of production of a good or service that maximizes societal welfare, considering both private and external benefits and costs.