A relatively mild period of falling incomes and rising unemployment is called a(n)
a. depression.
b. recession.
c. expansion.
d. business cycle.
b
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During World War II, the increasing productivity of workers who built ships was due primarily to
A) human capital accumulation through schooling and training. B) human capital accumulation by repeatedly doing the same tasks. C) discoveries of new and better technologies. D) investments by shipyards in new capital equipment.
For a normal good, does the income effect reinforce the substitution effect or does it partly offset the substitution effect?
What will be an ideal response?
A stockholder's ownership of a company's stock gives her the right to
A) vote and be the primary claimant of all cash flows. B) vote and be the residual claimant of all cash flows. C) manage and assume responsibility for all liabilities. D) vote and assume responsibility for all liabilities.
Political considerations are unimportant to an understanding of tax policy
a. True b. False