Which of the Following Does NOT Explain Why the Official

question 280

Multiple Choice

Which of the following does NOT explain why the official chronology of past U.S. business cycles maintained by the National Bureau of Economic Research goes back only to 1854?

• A)The further back in time you go, the fewer economic data are available.
• B)There may not have been business cycles in the modern sense much before 1854.
• C)Before 1854 the U.S. economy was mostly agricultural, and therefore the short-run aggregate supply curve was probably close to vertical.
• D)There were no banks before 1854.

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Definitions:

Nation

A large group of people united by common descent, history, culture, or language, inhabiting a particular country or territory.

Total Employment

The total number of people employed in an economy at a given time, including both full-time and part-time workers.

Absolute Number

A value expressed without comparisons, adjustments, or relations, representing a distinct, precise figure.

Farm Employment

Farm employment refers to the work and jobs related to agriculture, including the cultivation of crops and livestock management.