A factor that might have contributed to the weakening of the U.S. economy in 2007-2009 was
A. rapid growth of the money stock.
B. rising levels of federal government spending.
C. uncertainty concerning the outcome of the 2008 presidential election.
D. historically-low interest rates.
Answer: C
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Average fixed cost
A. decreases steadily as output increases. B. increases steadily as output increases. C. exhibits diminishing returns. D. is a horizontal line.
If the economy receives an influx of new workers from immigration,
A) the long-run aggregate supply curve will shift to the right. B) the long-run aggregate supply curve will shift to the left. C) we will move up along the long-run aggregate supply curve. D) we will move down along the long-run aggregate supply curve.
What is the most likely effect of the development of DVDs, rental movies, and online movie streaming on the movie theater industry?
A. Decreased costs of producing movies B. Increased demand for movie theater tickets C. Movie theater tickets become an inferior good D. Increased price elasticity of demand for movie theater tickets
Which of the following would be classified as an external cost?
A. You are not able to study at night because there is so much noise coming from the dorm room next to yours. B. As more firms began hiring computer programmers, the salaries of computer programmers increased, and therefore the firm's cost of production increased. C. A private firm will not provide national defense, as it is impossible to confine the benefits to only those individuals who have paid for it. D. When you purchase a prescription drug, you are not made fully aware of all the possible side effects that may result from taking the drug.