The financial crisis and recession which began in 2007:
A. impacted only high-income countries.
B. did not impact the United States.
C. impacted many countries in the world.
D. impacted only low-income countries.
Answer: C
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A risk-neutral individual is offered a gamble that promises a gain of $1000 with probability 0.25 and a loss of $300 with probability 0.75 . Given this situation, he or she will: a. definitely take the gamble
b. definitely not take the gamble. c. definitely take the gamble if his or her income is high enough. d. take an action that cannot be determined given the information available.
The study of how a particular firm might choose to maximize its profits would fall into what type of analysis?
A. aggregate economics B. macroeconomics C. political economics D. microeconomics
The United Auto Workers is striking against Ford. The Teamsters refuse to deliver steel to Ford. This is an example of
A) a jurisdictional dispute and is illegal under the Taft-Hartley Act. B) a secondary boycott and is illegal under the Taft-Hartley Act. C) a sympathy strike and is illegal under the Taft-Hartley Act. D) a closed shop and is illegal under the Wagner Act.
The rule of reason is the criterion introduced by the courts for determining whether a firm's action was illegal under the Clayton Act.
Answer the following statement true (T) or false (F)