In September 2010, the NBER's Business Cycle Dating Committee decided that the recession that began in December of 2007 had ended and that the lowest point of production was July of 2009. The NBER does not use a popular definition of recession-two quarters of falling GDP-but looks at a variety of monthly statistics to date business cycles.What is the NBER?
A. National Board of Economic Recovery, part of the Department of Commerce
B. National Budget Estimation Review, part of the Congressional Budget Office
C. National Business Education Roundtable, part of the Federal Reserve
D. National Bureau of Economic Research, a nonprofit, private organization
Answer: D
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The theory that government borrowing may function like an increase in taxes, that is, reducing current consumption and business expenditures, is known as
A) the marginal propensity to consume. B) the Ricardian equivalence theorem. C) planned tax policy. D) Congressional Tax policy.
Pollution and other negative exernalities arise because there are no practical, enforceable, private property rights to open-access resources, such as air
Indicate whether the statement is true or false
If we compare the wage rate and the level of employment achieved in a competitive labour market with those in a monopsonistic labour market, the latter will generate
A) a lower level of employment and a lower wage. B) the same outcomes as in a competitive labour market. C) a higher level of employment and a higher wage rate. D) a lower level of employment and a higher wage rate. E) a higher level of employment and a lower wage.
Pei Chen has a federal personal income marginal tax rate of 28 percent. His average tax rate
A. is more than 28%. B. is also 28%. C. is less than 28%. D. is zero.