1.Which of the following would indicate the beginnings of an expansion of the economy? A. Fewer new firms are started B. Stock market prices decline C. Consumer confidence improves D. Housing construction slows E. Orders for new equipment decreases
2.Which of the following is the resource whose quality is most often enhanced by technological change? A. Capital B. Land C. Labor D. Entrepreneurship E. Credit
3.SHORT ANSWER: Inflation, stagflation, recession, depression, expansion, and contraction are commonly used terms in economics and the media. What do these terms mean? In your explanation, discuss how some of these terms are related?
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