The Two Most Important American Business Cycle Events of the Twentieth

question 63

Multiple Choice

The two most important American business cycle events of the twentieth century were

• A) the Great Depression and stagflation.
• B) World War II and the Great Depression.
• C) the productivity slowdown and the Great Depression.
• D) government budget deficits and World War II.

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Definitions:

Gasoline Expenditures

The total amount of money spent by consumers on gasoline, encompassing both retail purchases for vehicles and other uses.

Public Transportation

A system of vehicles such as buses, trains, and subways, provided by the government or private companies, for the purpose of transporting large numbers of people.

Cross-price Elasticity

Measures the responsiveness of the demand for one good to a change in the price of another good.

Grape Harvest

The process of collecting grapes from the vineyards, usually seasonal and significant for wine production.