Which of the following was produced by a combination of automatic stabilizers and discretionary fiscal policy?
a. the Great Depression
b. the Great Recession
c. the large budget deficit of 2009
d. the budget surplus in the 1990s
c. the large budget deficit of 2009
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Physicians who own their own diagnostic testing facilities tend to order more tests, charge higher fees for them, and have higher total bills to patients. This practice of self-referral is an example of
a. moral hazard. b. adverse selection. c. resipsaloquitor. d. physician-induced demand. e. cognitive dissonance.
The income effect of a wage increase:
a. results in an increase in the quantity of labor supplied. b. results in a decrease in the quantity of labor supplied. c. has no impact on the quantity of labor supplied d. results in a decrease in the quantity of leisure enjoyed.
Supporters of minimum-wage legislation argue that:
A. some workers will become unemployed as a result of the minimum wage. B. it should be set below the market equilibrium wage. C. workers deserve a basic standard of living. D. All of these are true.
Why does economic theory predict that a perfectly competitive firm will produce at the point where price equals marginal cost?
a. This point provides an efficient allocation of society's resources. b. This point results in zero economic profit. c. This point maximizes profit for the firm. d. This point will minimize ATC for the firm.