At the beginning of the recession of 2007-2009, real GDP in the United States was ________ potential GDP, and in June 2009, real GDP was ________ potential GDP
A) below; below B) above; below C) below; above D) above; above
B
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If a bond was to pay off one year from now for $440 and the interest rate is 10 percent, what is the price of the bond?
A) $44 B) $400 C) $440 D) $484
The use of money as a medium of exchange I. lowers transaction costs. II. permits more specialization
A) I only B) II only C) Neither I nor II D) Both I and II
The reason individual homeowners usually do not hire a private contractor to fill the potholes on their street is because:
a. it costs too much. b. the value to the neighborhood exceeds the cost of repair. c. others who use the street will be free riders. d. they do not trust the government. e. there are negative externalities associated with the repair.
For a competitive, profit-maximizing firm, the labor demand curve is the same as the
a. marginal cost curve. b. value of marginal product curve. c. production function. d. profit function.