When we say that economic fluctuations are “irregular and unpredictable,” we mean thata. the relationship between output and unemployment is erratic and difficult to characterize.b. when one macroeconomic variable that measures income or spending is falling, other macroeconomic variables that measure income or spending are likely to be rising.c. recessions do not occur at regular intervals.d. All of the above are correct.

When we say that economic fluctuations are “irregular and unpredictable,” we mean thata. the relationship between output and unemployment is erratic and difficult to characterize.b. when one macroeconomic variable that measures income or spending is falling, other macroeconomic variables that measure income or spending are likely to be rising.c. recessions do not occur at regular intervals.d. All of the above are correct.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 1QR

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