The beginning date of the recession of 2007-2009 has been determined by the
A. National Bureau of Economic Research.
B. University Interscholastic League.
C. Board of Governors of the Federal Reserve System.
D. Council on Foreign Relations.
Answer: A
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If a policymaker wants to stimulate the economy, a ________ would be preferable to a ________
A) lower-valued multiplier; higher valued multiplier B) high MPS; low MPS C) low MPC; high MPC D) high MPC; low MPC
What statement best describes the colonial economic experience?
a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector. b. By the time of the American Revolution, the U.S. colonial economy was larger than about 70 percent of other nation's economies. c. The U.S. colonial economy was particularly hurt during the Seven Year's War. d. Economic growth was irregular and averaged about 0.45% per year.
In a perfectly competitive market, the price is currently above the minimum of each firm's long-run average total cost curve. Which of the following statements is correct?
a. The long-run average total cost curve will shift upward in the long run. b. Firms will alter their plant size in the short run. c. The market price will fall in the long run. d. The firms must be producing at an output level where price exceeds short-run marginal cost. e. The firms will earn above-normal profit in the long run.
In the United States, the money supply (M1) consists of:
A. paper currency and coins. B. coins, paper currency and checkable deposits. C. paper currency, coins, checkable deposits, and savings deposits. D. government bonds, currency, and checkable deposits.