Which statement is false?
A. The 1990s was one of the most prosperous decades in the United States' history.
B. The United States' economy reached its tenth year of steady expansion in the spring of 2001.
C. Compared to other decades, the 1990s was a decade was unique in that it had strong economic growth with no recessions.
D. At the end of the 1990s, the government was running budget surpluses.
C. Compared to other decades, the 1990s was a decade was unique in that it had strong economic growth with no recessions.
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When the demand for a good is inelastic, that good is likely to have:
A. many close complements. B. few close substitutes. C. few close complements. D. many close substitutes.
Gabriel operates a tree-trimming business in Maine. He charges the perfectly competitive price of $47 per hour. The marginal cost of working the 36th hour each week is $42; the marginal cost of working the 37th hour is $44; the 38th hour is $46; and the 39th hour is $48. How many hours should he work each week?
a. He should work 40 hours per week, because he can always earn more revenue by working more. b. He should work 39 hours per week, because he would have to lower his price if her wanted to work more than that. c. He should work 38 hours per week, because this is the workload that maximizes his net gain. d. He should work 36 hours per week, because the marginal cost of working rises after this point.
One argument why farmers in poor countries remain poor is:
A. risk taking is a deterrent to growth. B. poor farmers in many countries lack access to commodity futures markets. C. they are poor assessors of the risks they face. D. they know very little about farming techniques needed for the crop they are growing.
To offset the indirect crowding-out effects, a government engaging in expansionary policy aimed at eliminating a recessionary gap could
A. reduce taxes rather than increase government spending. B. both reduce taxes and reduce spending to be able to achieve full employment. C. increase spending more than the simplest Keynesian model would predict. D. increase spending less than the simplest Keynesian model would predict.