During the Great Recession of 2007-2009, the U.S. ________
A) experienced unprecedented declines in household wealth
B) the unemployment rate more than doubled
C) experienced the most severe economic downturn since the Great Depression
D) all of the above
E) none of the above
D
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Which of the following is not an effective technique for alleviating scarcity?
A) Developing additional resources B) Reducing prices C) Reducing wants D) Substituting intelligently among available goods
Which of the following is associated with inelastic demand?
a. a limited amount of time for consumers to respond to a price change b. availability of many close substitutes c. large percentage of income spent on the good in question d. all of the above
The income multiplier's power to effect change in national income depends on the marginal propensity to consume
Indicate whether the statement is true or false
Inclusion of the Social Security Trust Fund in the overall budget calculation
a. reduces the reported size of the budget deficit because the Social Security system is currently running a surplus. b. increases the size of the reported budget deficit because the Social Security system is currently running a deficit. c. decreases the size of the reported budget deficit because the Social Security system is currently running a deficit. d. increases the size of the reported budget deficit because the Social Security system is currently running a surplus.