Shocks to the economy occur:
A. when expectations are unmet.
B. whenever the price level changes.
C. whenever government implements fiscal or monetary policy.
D. because most economic behavior is unpredictable.
Answer: A
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Refer to the table below. The law of diminishing marginal returns becomes evident after ________ units of output are produced.OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 66 B. 33 C. 132 D. 99
In the circular flow model, consumption goods are bought and sold in the
A) goods markets. B) financial market. C) factor markets. D) government market. E) monetary flows.
Growth in labor productivity in health care has been ________ labor productivity in the economy as a whole
A) slightly faster than B) approximately equal to C) less than half as fast as D) almost twice as fast as
Bans or quotas that limit the use of common resources are straightforward public-policy approaches to solving the problem of overuse if:
A. the community agrees to aid in its enforcement. B. countries have the resources to enforce them. C. the community affected participates in setting the punishments for breaking the policy. D. None of these statements is true.