The Great Recession that started in 2007 was triggered by shocks in which of the following economic sectors?
A. consumer and government spending
B. real estate and financial markets
C. international trade and foreign exchange markets
D. gold market and stock market
Answer: B
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The fundamental goal of economics is to
A. provide all people with five yachts and two automobiles. B. redistribute income and eliminate poverty. C. reduce unemployment so that welfare payments are not necessary. D. learn to handle the scarcity of virtually all resources.
A ________ is a payment or a tax break used as an incentive for an agent to complete an activity
A) tariff B) subsidy C) wage D) rent
A change in which of the following would NOT shift the supply curve for sneakers?
A) an increase in technology for making sneakers B) an increase in the price of rubber, used to make sneakers C) an increase in the price of sneakers D) None of the above, that is, each change shifts the supply curve
An increase in the price level will shift the aggregate demand curve:
A) rightward. B) leftward. C) both. D) none of the above.