Workers in durable-goods industries are ________ workers in service industries to lose their jobs during a recession.
A. much less likely than
B. less likely than
C. equally likely as
D. more likely than
Answer: D
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Which of the following is an example of an automatic stabilizer?
a. Congress legislates lower tax rates to increase consumption and investment. b. Tax rates are increased during a recession to maintain a balanced budget. c. A regressive income tax system reduces tax revenues (as a share of income) as income expands. d. Revenues from the corporate income tax increase sharply during a business boom but decline substantially during a recession, even though no new tax legislation has been enacted.
The Big Mac Index perfectly explains the relative size of economies.
a. true b. false
Suppose a firm experiences lower average costs whenever output increases in the long run. Then we would expect the firm to have:
A. a U-shaped long-run average cost curve. B. an L-shaped long-run average cost curve. C. a long-run average cost curve that always decreases. D. a minimum efficient scale relatively close to the origin.
As coffee becomes more expensive, Joe starts drinking tea instead of coffee. This is called:
A. a decrease in demand. B. a decrease in reservation price. C. the income effect of a price change. D. the substitution effect of a price change.