The business cycle is actually a continuous series of different
What will be an ideal response?
short-run macroeconomic equilibriums
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Refer to Figure 9-1. Under autarky, the consumer surplus is
A) $195. B) $260. C) $300. D) $555.
Both presidents Kennedy and Reagan proposed significant cuts in income taxes because
A) they wanted to offset their proposals to increase other taxes. B) they believed that the tax cuts would enhance economic efficiency. C) state governments had increased their taxes and they believed the tax cuts they proposed would result in most citizens paying about the same total state and federal taxes. D) at the time of their proposals the federal government was experiencing budget surpluses; that is, tax revenue exceeded government expenditures.
Bob works for a firm that produces umbrellas. He receives payment for his labor. The firm wants to expand but lacks the capital needed for the expansion. Bob, a person of some means, provides the capital. What market(s) are these payments made in?
a. illegal market b. goods and services market c. product market d. resource market e. umbrella market
When the price of yen in terms of dollars increases, Honda automobiles from Japan become cheaper to U.S. residents.
Answer the following statement true (T) or false (F)