In 2008, the United States was in recession. Which of the following things would you not expect to have happened?
a. increased layoffs and firings.
b. a higher rate of bankruptcy.
c. increased claims for unemployment insurance.
d. increased real GDP.
d
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A movement upward along a given aggregate demand curve is equivalent to a(n) ________.
A. increase in aggregate supply B. upward shift in the aggregate expenditures schedule C. increase in aggregate demand D. downward shift in the aggregate expenditures schedule
In the context of insurance, moral hazard refers to:
A. when risks are shared across many different assets or people, reducing the impact of any particular risk on any one individual. B. the tendency for high-risk individuals to seek out more insurance than low-risk individuals. C. when people organize themselves in a group to collectively absorb the cost of the risk faced by each individual. D. the tendency for people to behave in a riskier way after they have acquired insurance.
Which of the following sets of goods might, under the right circumstances, be substitutes for an automobile?
A) Buses, trains, planes B) Powerboats, blimps, motorcycles C) Motels, tents, cardboard boxes D) Designer suits, fine wines, fancy homes E) All of the above.
If the demand curve is a horizontal line,
a. demand is perfectly elastic b. demand is perfectly inelastic c. demand is unitary elastic d. demand is relatively inelastic e. total expenditure is maximized