15. In a business cycle, a period from peak to trough may be referred to as ________.

a contraction

an expansion ???

a recurrence

all of the above

none of the above

17.In the IS curve, if Y falls for any given level of the real interest rate ________.

saving increases

output increases

consumption decreases

all of the above

none of the above

27. Only when the goods market is in equilibrium is it true that ________.

the amount of goods and services produced equalsactualexpenditure

demand for foreign goods equals foreigners' demand for domestic goods

plannedexpenditure equals the amount of goods and services produced

actualexpenditure equals output

none of the above

36. The marginal product of labor (MPL) is given by the ________.

labor share of income - average output per unit of labor

labor share of income + average output per unit of labor

labor share of income average output per unit of labor

labor share of income average output per unit of labor

none of the above

48. Which of the following would lead domestic investment to rise?

a decline of government spending throughout the world

a decrease in world autonomous consumption

an increase in world taxes

all of the above

none of the above