Which was the deepest recession in the United States before the recession of 2008-09?
A) 1978-1979
B) 1981-1982
C) 1990-1991
D) 2001
B
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Consider a market that is initially in equilibrium. If we observe that price increased and quantity decreased, then which of the following could have occurred?
a. demand increased b. supply increased c. supply decreased d. demand decreased e. both demand and supply increased
In an economy, the value of inventories rose from $100 billion in 2014 to $150 billion in 2015. In calculating total investment for 2015 compared to 2014, national income accountants would:
A. increase it by $50 billion. B. increase it by $150 billion. C. decrease it by $50 billion. D. decrease it by $100 billion.
Fighting inflation and fighting sluggish growth require:
A. opposite actions from policy makers. B. fiscal and monetary policy actions, respectively. C. monetary and fiscal policy actions, respectively. D. similar actions from policy makers.
Let us suppose that if Oprah Winfrey was not a superstar she would have been a judge making $100,000 per year. If she makes $63 million dollars this year, her opportunity cost is
A) $63.0 million. B) $63.1 million. C) $100,000. D) $62.9 million.