The record for the longest U.S. economic expansion started in March ______ and ended in March ______.
Fill in the blank(s) with the appropriate word(s).
1991; 2001
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Refer to the accompanying figure. The equilibrium price is ________, and the equilibrium quantity is ________.
A. $4; 6 B. $2; 8 C. $8; 6 D. $6; 4
Shopping at a warehouse, such as Sam's Club or Costco, allows its members to pay very low prices on the goods and services they buy. Customers who shop at such a store incur:
A. transaction costs because they must be members to shop there.
B. no transaction costs because they pay prices that are lower than any other location.
C. transaction costs because they must buy a product in bulk.
D. no transaction costs because members can return any item purchased for any reason.
In response to the financial crisis in 2008, the Fed created which of the following policy tools?
A) quantitative easing B) the required reserve ratio C) the discount rate D) the federal funds rate E) open market operations
Political structure, or the process by which laws become enacted:
A. has no effect on policy created. B. is virtually the same everywhere. C. affects the outcome of policy. D. has one feature that is present in every government structure in existence.