Recession - Phases of business cycle
Describe about the term Boom in phases of business cycle.
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Recession
While the economy reaches the peak- so than the course changes. A downward tendency within demand is observed although the producers who are not aware of this go on producing additionally. The supply currently exceeds demand. Currently the producers come to notice that their stock piling up. They are compelled to give up the future investment plans. The order for new components and raw materials are cancelled. There a business even cuts down its existing business. Employees are retrenched Capital goods producers who lose orders. But bankers insist on repayment. Stock builds up and Business failure raise investment ceases and unemployment leads to fall in expenditure, income, prices, industrial and profits as well as trade activities. Wish for liquidity increase all around producers are compelled to decrease price so that they can determine money to meet their obligations Consumers who expect an even further decline in prices postpone their consumption Stock goes upon piling up. Several firms are forced into bankruptcy. That failure of one firm affects other firm along with whom this has business connections.
There is a common distress. Such phase of the business cycle is termed as the Recession. This is the period of utmost -suffering for a business.
For wage rates in between $18 and $21, there the elasticity of Morgan’s supply of labor is: (w) 0.72. (x) one. (y) 1.08. (z) 1.44. Q : Income and Substitution Effects of When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
The graph for the supply of labor might be backward bending since: (w) the substitution effect surpasses the income effect at specific wages. (x) overtime workers receive pay for time and a half. (y) the substitution effect. (z) the income effect is m
If job applicants are asked for letters of recommendation and copies of their college transcripts, in that case a firm is practicing: (1) wage discrimination. (2) employment screening. (3) job signaling. (4) a structural employment system (5) credentialism.
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When the demand for labor influenced by the minimum wage is wage elastic, increasing the minimum wage would: (w) increase total wages received by low wage workers. (x) reduce total wages received by low wage workers. (y) not affect th
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