In terms of timing, the 2003 rebate was
A. exactly the wrong policy in that the economy was on the verge of overheating.
B. proposed at a time the economy was doing fine without it.
C. unfortunate in that it stalled the economy.
D. proposed at a time the economy needed a boost.
Answer: D
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Given the following information, calculate personal consumption expenditures
GDP $5,000 Gross Private Domestic Investment $1,500 Government Consumption Expenditures and Gross Investment $1,000 Net Exports -$500
Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then:
A. Alex has no incentive to study hard while at State U. B. the opportunity cost of attending State U. includes the sum of the benefits Alex would had from attending each of the other schools to which he was admitted. C. the opportunity cost of attending State U. includes the money Alex could have earned working for four years. D. attending State U. for four years is costless for Alex.
Summarize the assumptions that underlie Reverend Thomas Malthus’s model and contrast what Malthus expected to happen with what has actually occurred since the nineteenth century.
What will be an ideal response?
When an external cost exists in the production of a good, firms tend to
A. over-produce the good. B. keep production constant throughout the year. C. under-allocate resources to the production of the good. D. under-produce the good since society pays these costs.