Among the most important indicators used by the NBER Business Cycle Dating Committee to determine the beginning of the 2007-2009 recession were all of the following except:
A. the consumer price index.
B. nonfarm employment.
C. total sales in manufacturing, wholesale trade, and retail trade.
D. industrial production.
Answer: A
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Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict thatQuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. firms will attempt to lower their implicit costs. B. price must rise. C. new firms will enter the industry. D. old firms will exit the industry.
How does a change in taxes primarily affect aggregate demand? a. A tax change alters exports and net exports
b. A tax change alters investment by an equal and opposite amount. c. A tax change alters disposable income and consumption spending. d. A tax change alters government purchases by an equal amount.
Many economists believe that skill-biased technical change has increased the incomes of highly skilled workers and decreased the incomes of low-skill workers
a. True b. False Indicate whether the statement is true or false
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.