The Dates of the "Official" Peaks and Troughs of Business

question 104

Multiple Choice

The dates of the "official" peaks and troughs of business cycles in the United States are determined by the:

• A)Federal Reserve Board.
• B)Congressional Budget Office.
• C)National Bureau of Economic Research.
• D)Council of Economic Advisers.

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Definitions:

Price Inelastic

A condition where the quantity demanded of a good or service is relatively unaffected by changes in its price.

Technological Change

Refers to advancements or improvements in technology, which can lead to increased efficiency and productivity in various sectors.

Price Elasticity

The extent to which demand for an item varies with a shift in its cost.

Income Elasticity

An indicator of the variation in demand for a product based on alterations in consumer income.