The Switching Between Recessions and Expansions Is Known as The

question 29

Multiple Choice

The switching between recessions and expansions is known as the:

• A) unemployment rate.
• B) long-run economic growth.
• C) business cycle.
• D) macroeconomy.

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Definitions:

Mutually Beneficial Trades

Transactions between parties that improve the welfare of each participant.

Market Failures

Situations where the allocation of goods and services by a free market is not efficient, often leading to a loss of economic value.

Property Rights

Legal rights to possess, use, and dispose of assets, including real property or intellectual property, ensuring control and economic benefits to the rights holder.

External Costs

Costs of a transaction or activity that affect parties who are not directly involved in it, such as pollution affecting the wider community.