The Great Recession of 2007-09 and the consequent policy response made the:
A. Actual budget deficit become very close to the cyclically-adjusted deficit during that period
B. Actual budget deficit shrink during that period
C. Cyclically-adjusted deficit grow during that period
D. Cyclically-adjusted budget balance turn positive during that period
C. Cyclically-adjusted deficit grow during that period
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Refer to the figure above. If the price of a sweater is $3 and the budget constraint of the consumer is B3, his income is:
A) $45. B) $90. C) $135. D) $270.
Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:
A. out of the labor force.
B. unemployed.
C. employed in the underground economy.
D. underemployed.
As a nation's average education level increases, the nation's level of productivity
A. Decreases, and the nation's production possibilities curve shifts to the left. B. Increases, and the nation moves to a new point on the same production possibilities curve. C. Increases, and the production possibilities curve shifts to the right. D. Decreases, and the nation moves to a new point on the same production possibilities curve.
Firms in Colorado dump waste into the Colorado River and as a result, people in California and Mexico cannot use the water. What type of market failure is most likely involved?
A. Public goods. B. Externalities. C. Market power. D. Inequity.