Which of the following statements about recessions is true?
a. An old rule of thumb defining recession is two consecutive quarters of falling nominal GDP.
b. Recessions occur at regular intervals and last standard amounts of time.
c. There is no ironclad rule for the declaration of recessions.
d. Recessions are associated with low unemployment and high income.
c
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________ occurs when the direction of cause and effect is mixed up in a study
A) Adverse causality B) Omitted variable bias C) Reverse causality D) Limited information bias
Over the long run, taxes and government expenses have
A) remained relatively stable. B) decreased. C) increased. D) drifted apart.
Public choice theory applies ____ principles to politics
a. altruistic b. ceteris paribus c. economic d. the fallacy of composition
Shadow prices:
A. are paid in terms of opportunity costs. B. are set by the government. C. exist only in black markets. D. are illegal.