The period of growth from a trough that brings Real GDP back to its previous peak is called a
A. recovery.
B. expansion.
C. recession.
Answer: A
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In the late 1970s, savings and loans institutions were in financial trouble because they
A) had to pay low interest rates to attract depositors, but were earning low interest rates from past investments. B) had to pay low interest rates to attract depositors, but were earning high interest rates from past investments. C) had to pay high interest rates to attract depositors, but were earning high interest rates from past investments. D) had to pay high interest rates to attract depositors, but were earning low interest rates from past investments.
? Scalpers (people selling tickets at a price above the stated price, P*) were spotted at this year’s Super Bowl game. This suggest that
A. P* is less than the equilibrium price. B. P* is greater than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
In the country of Darrowby, net domestic income at factor cost is $2.0 million. Gross domestic product is $3.0 million, and depreciation is $0.5 million. Indirect taxes less subsidies ________
A) are $1 million B) are $0.5 million C) cannot be calculated D) are -$0.5 million
The situation in which a person places greater value on a good as more and more people possess it is called
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.