Which of the following indicates that the U.S. economy has become more stable since 1950?
A) longer recessions
B) shorter expansions
C) less severe fluctuations in real GDP
D) All of the above indicate that the U.S. economy has become more stable since 1950.
Answer: C
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The decline in traditional banking internationally can be attributed to
A) increased regulation. B) improved information technology. C) increasing monopoly power of banks over depositors. D) increased protection from competition.
Wal-Mart was one of the most successful firms of the 1970s and 1980s. Much of Wal-Mart's success can be credited to its expansion strategy: they rushed to open the first discount store in small towns that could only support one discount store. In the language of game theory:
A) Wal-Mart was a dominant firm. B) Wal-Mart made empty threats. C) Wal-Mart employed a maximin strategy. D) Wal-Mart employed a preemptive strategy.
Under a progressive tax system:
a. the average tax rate increases with increases in real GDP. b. the average tax rate remains constant with changes in real GDP. c. the average tax rate falls with increases in real GDP. d. government tax receipts increase when the economy is in a recession. e. government tax receipts decrease when the economy is expanding.
Refer to the accompanying figure. The opportunity cost of producing one bushel of corn is:
A. 250 bushels of wheat. B. ½ of a bushel of wheat. C. 500 bushels of wheat. D. 2 bushels of wheat.