The field of macroeconomics developed when economists looked for causes of:
A. poverty and inflation.
B. World War I.
C. the Great Depression.
D. the wealth of nations.
Answer: C
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Refer to Figure 3.1. If Marge confesses to the crime and Homer does not, what is Homer's payout?
A) 1 year B) 2 years C) 7 years D) 15 years
The three business cycle models differ mostly in their treatment of ________
A) aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) productivity shocks
The problem of dead capital can be eliminated by
A) changing the structure of import tariffs. B) increasing the labor force participation rate. C) making it easier for people to establish legal ownership of productive capital. D) restricting population growth.
If production of an item results in negative external costs, then
A) the market price is below the socially preferred price that reflects the external costs. B) the market price is above the socially preferred price that reflects the external costs. C) market forces will always correct the problem. D) the market quantity is too low from society's point of view.