The Great Recession was primarily caused by
A. inflation fighting.
B. negative demand shifts.
C. negative supply shifts.
D. problems in financial markets.
Answer: D
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A debit entry in the balance of payments system could be from which of the following?
A) a payment from abroad received by a domestic resident. B) a payment made while abroad by a domestic resident. C) a decrease in the current account deficit. D) an increase to the capital account surplus.
Household production is more likely to occur when
a. it requires few specialized resources b. technology makes it more costly than market production c. tax avoidance is undesirable d. less control over the final product is desirable e. the opportunity cost of household production is high
Each year around July 4 the town of Flagston has a controversy over how big a fireworks display they should have on the holiday. The three citizens have the demand functions for fireworks that are shown here. The cost per firecracker is $18. Elmer has the demand function P = 20 - Q. Ethel's demand equation is P = 12 - .6Q, and Edith has the demand P = 8 - .4Q. If the citizens got together for a city referendum on the issue, and each voted for an amount of fireworks, knowing that each would pay their share (1/3) of the cost, how would the vote come out in a majority rule situation? Why is this not the socially efficient amount?
What will be an ideal response?
An advance in technology which increases labor productivity will shift the:
A. labor demand curve to the left. B. MFC curve to the left. C. MP curve downward. D. labor demand curve to the right.