(Consider This) In 2008 and 2009, the United States experienced what has come to be known as the:
A. Great Depression.
B. Great Recession.
C. Great Expansion.
D. Great Stagnation.
Answer: B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for tuna. Which panel best describes what happens in this market when there is a decrease in the productivity of commercial fishermen?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Social Security is a pure transfer program because
A) it transfers funds from current workers to the poor. B) the government transfers funds from middle-income workers to welfare recipients. C) current payroll taxes are used to pay the eligible retirees. D) the government subsidizes the medical bill of the poor.
A decrease in disposable income will _____
Fill in the blank(s) with the appropriate word(s).
When there is only one buyer in the market
A) a closed shop exists. B) a monopsony exists. C) then the market will be perfectly competitive. D) the supply curve for the good will be perfectly elastic.