The 25 years prior to the crisis of 2008-2009 were
a. characterized by more instability than the first 50 years of the twentieth century.
b. the most stable economic quarter of a century in American history.
c. characterized by more monetary and price instability than any era other than the 1970s.
d. a period of historically slow growth and high unemployment.
B
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
Economic theory predicts that
(a) market forces impose stiff penalties on profits whenever enterprises discriminate against individuals on any basis other than productivity. (b) government intervention is required to combat discrimination. (c) market mechanisms and government interventions are weak in addressing issues of discrimination. However, government is relatively stronger. (d) discrimination is a necessary part of life private and public life.
The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian b. Supply-side c. Classical d. Demand management
What situation would make the demand for new cars relatively more price elastic?
a. Auto manufacturers have a difficult time hiring skilled workers. b. Auto manufacturers find it easy to hire skilled workers. c. Car buyers are prosperous, and they are seeking luxury cars. d. There is a plentiful supply of used cars.