The recessionary gap is the
a. amount of unemployment compensation required during a recession.
b. budget deficit encountered during a recession.
c. amount of government spending needed to end a recession.
d. distance between the equilibrium level of output and the full employment level of output.
d
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In a market system, the answer to the "for whom to produce" economic question is that goods are allocated to those with the willingness and ability to pay, as expressed through market demand
Indicate whether the statement is true or false
If supply increases, then:
A. price will increase. B. the quantity demanded will decrease. C. the quantity demanded will increase. D. demand will increase.
YearSalaryCPI1969$20,52036.71979$43,26572.61989$85,529124.01999$135,250166.62009$170,844214.5If the 1989 salary in 2009 dollars is $147,951, how do we interpret this?
A. Someone earning $85,529 in 1989 would be as well off if he were earning $147,951 in 2009. B. The salary earned in 1989 could have purchased the same amount of goods as $147,951 could buy in 2009. C. It would take $147,951 in 2009 to buy the same amount of goods that was purchased in 1989 with $85,529. D. All of these interpretations are correct.
Many individuals around the world oppose the WTO because they believe it
A. prevents young people around the world from entering the workforce as early in life as they choose. B. unfairly favors the interests of developing countries at the expense of developed countries. C. unfairly favors the interests of large corporations at the expense of workers. D. encourages imposition of unnecessarily restrictive environmental protection regulations.