Related to the Economics in Practice on p. 418: John Steinbeck's The Grapes of Wrath is set in the early 1930s. During this time, the U.S. economy was primarily in the ________ phase of the business cycle, culminating in the Great Depression.
A. trough
B. recession
C. expansion
D. peak
Answer: B
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To correct for positive externalities the government
A) should allow the price system to do the correction. B) can impose a tax. C) can give a subsidy. D) should create a public good.
Fred Powell of TruLite makes a verbal pledge to every new employee that he will not lay off employees after they have worked for TruLite for two years and that TruLite will make all promotions internally. Why would Powell make such a pledge? Why is the pledge oral?
What will be an ideal response?
Rita puts $10,000 into each of two different assets. The first asset pays 10 percent interest and the second pays 5 percent. According to the rule of 70, what is the approximate difference in the value of the two assets after 14 years?
a. $12,000 b. $14,000 c. $15,500 d. $20,000
Based on the graph showing the effects of a government budget surplus, a budget surplus would lead to ______.
a. a shift in the demand curve for loanable funds to the right
b. a shift in the supply curve for loanable funds to the left
c. a decrease in loanable funds from Q2 to Q1
d. an increase in loanable funds from Q1 to Q2