Exam Question
Which of the following statements relates to microeconomics?
- 1. Unemployment rises during a recession and falls during an expansion
- 2. Excessive growth in money supply may create inflation
- 3. Government spending tends to increase during an economy-wide recession
- 4. Sharp increases in labor costs have increased production costs in the steel industry
View Answer
Answer 1. Unemployment rises during a recession and falls during an expansion
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