Recession is to depression as expansion is to ______.
a. the business cycle
b. contraction
c. a trough
d. a boom
d. a boom
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The table above gives some of the entries in the national income and product accounts. What is the value of exports?
A) $350 billion B) $300 billion C) -$25 billion D) $25 billion
Military expenditures in democratic nations may be _____
a. too low because politicians have long time horizons b. too low because politicians have short time horizons c. too high because politicians have long time horizons d. too high because politicians have short time horizons
Which of the following statements about the Earned Income Tax Credit Program (EITC) program is FALSE?
A) On net the EITC discourages work by low- or moderate- income earners more than it rewards work. B) It provides rebates of Social Security taxes to low-income workers. C) Recipients who receive benefit payments under Social Security are also eligible for SSI. D) It is the largest poverty reduction program in the U.S..
Bill sells Mary a worthless coin that Bill deviously told Mary "belonged to an ancient Persian king and is of enormous value to coin collectors." Economists would call this an
A. inefficient exchange because there were externalities involved. B. efficient exchange, as any type of voluntary exchange promotes efficiency. C. inefficient exchange, as at least one party used false market information. D. efficient exchange, assuming Bill was not intentionally trying to trick Mary.