Which organization officially tracks all business cycles in the U.S. economy?
a. Department of Commerce
b. National Bureau of Economic Research
c. Bureau of Economic Analysis
d. Census Bureau
b. National Bureau of Economic Research
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In the national income accounts, net interest is the total interest payments received by households on loans made by them minus
A) interest received from households' ownership of government bonds. B) interest payments made by households on their own borrowing. C) interest payments made by households to foreign lenders. D) taxes paid by households on their interest income.
According to the flexible price framework ________
A) an increase in inflation raises real savings B) an increase in the money supply raises real output C) an increase in inflation lowers real investment D) all of the above E) none of the above
The Lester-Machlup controversy applies to whether or not firms
a. choose the correct plant size b. use marginal analysis to choose output levels c. correctly calculate their economic profits and losses d. engage in wasteful advertising campaigns e. pollute the environment
The student government associations at several universities have experimented with purchasing bicycles to leave around campus for everyone's use. Anyone who needs the bike can use it, and they are not allowed to lock the bike up or take it home, but rather must leave it on campus for someone else to use. Economic theory would predict that
a. students will take better care of these commonly owned bicycles than they do their own bicycles. b. students will take equally as good care of these commonly owned bicycles as they do their own bicycles. c. students will not take as good of care of these commonly owned bicycles as they do their own bicycles. d. because universities have a lot of money, these bikes will be better maintained than the ones owned privately by college students who tend to have little money.