When aggregate economic activity is declining, the economy is said to be in
A. a trough.
B. an expansion.
C. a contraction.
D. a turning point.
Answer: C
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Explain whether the statement, "Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement
What will be an ideal response?
Tim earns income of $60,000 per year and pays $21,000 per year in taxes. Tim paid 20 percent in taxes on the first $30,000 he earned. What was the marginal tax rate on the second $30,000 he earned?
a. 20 percent b. 30 percent c. 50 percent d. 70 percent
Someone who does not have a job but is not counted as unemployed, such as a retiree, is:
A. not in the civilian labor force. B. considered employed. C. still, nonetheless, part of the civilian labor force. D. not counted in the civilian adult population.
The deposit expansion multiplier on bank reserves is
A. the reserve requirement. B. one minus the reserve requirement. C. one. D. one divided by the reserve requirement.