The Term "Business Fluctuations" Refers to

question 9

Multiple Choice

The term "business fluctuations" refers to

• A) changes in overall business activity, as evidenced by changes in national income, employment, and the price level.
• B) changes in the general price level from inflation to deflation, or vice versa.
• C) changes in the full employment level of economic activity.
• D) changes in the value of the dollar.

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Definitions:

Consumer Behavior

The study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.

Marginal Utility

The incremental utility or enjoyment gained from the consumption of one more unit of a good or service.

Opportunity Cost

Forgoing the chance to gain from other possibilities by selecting one option.

Consumer Behavior

The study of how individuals, groups, and organizations select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.