A period in which the economy is growing at a rate significantly below normal is called a(n):
A. boom.
B. expansion.
C. recession.
D. peak.
Answer: C
You might also like to view...
Which of the following happens if the long-run real interest rates fall?
A) The demand for loans fall. B) Employment increases. C) Nominal wages fall. D) Imports increase.
Joe has $50, which he spends on movies and pizza. If the price of a pizza falls, Joe can
A) consume more of both goods. B) consume more pizza only if he gives up some movies. C) consume more movies only if he gives up some pizza. D) consume more pizza only.
If the real wage is below the equilibrium real wage, there would be a ________ of workers and the real wage would ________
A) surplus; decline B) surplus; rise C) shortage; decline D) shortage; rise
Suppose there is a simple tax system that says you pay 10% for income up to $10,000, 25% for income between $10,000 and $50,000, and 35% for all income above $50,000. Mr. Campbell has income of $72,000. Mrs. Campbell has income of $55,000.
(A) What is Mr. Campbell's individual tax liability? Mrs. Campbell'? (B) What is their liability if they file a joint return? (C) Is there a marriage penalty? If so, how much is