Which of the following caused a recession in the years immediately following World War II?
A. A surge in investment spending.
B. Cutbacks in defense production.
C. Technological advances.
D. Pent-up demand for consumer goods.
Answer: B
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Which of the following would be a debit in the U.S. capital account?
A. A U.S. publisher purchases a copyright from a French author for $3,000. B. A Chinese importer buys $10,000 of cigarettes from a U.S. manufacturer. C. Egypt forgives $100,000 of debt owed by the U.S. government. D. A U.S. corporation sells $50,000 of stock to investors in Japan.
The table above gives the demand and supply schedules for the housing market in a small town. If a rent ceiling of $600 a month is imposed, what is the quantity demanded, the quantity supplied, and the shortage of housing?
What will be an ideal response?
Assume Brandon's benefit function for water is S(W) = ?W and he consumes water both in droughts, WD, or in the rainy season, WR. Assume his current consumption bundle is WD = 36 and WR = 25 and the probability of drought is 0.75. What is Brandon's expected utility?
A. 5.75 B. 33.25 C. 11 D. 30.5
The opportunity cost of any good or service is the
a. actual dollar cost of doing or making it. b. highest price that a seller can get for the item. c. value of the next best alternative. d. cost associated with a value judgment. e. cost of producing the good or service.