Related to the Economics in Practice on p. 418: John Steinbeck's The Grapes of Wrath is set in the early 1930s, a period in U.S. history most noted for
A. the Great Depression.
B. World War I.
C. rapid economic expansion.
D. hyperinflation.
Answer: A
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In a closed economy, without the government:
A) savings equals net exports. B) consumption equals investment. C) consumption equals savings. D) savings equals investment.
In the simple Keynesian model which has no taxes and a saving function which is in the form S = -80 + .20Y, a $200 increase in desired investment leads to an increase in equilibrium income of
A) $40. B) $100. C) $400. D) $1000.
If you buy a bond issued by Intel, the bond is a(n):
A) liability to Intel and an asset to you. B) liability to you and an asset to Intel. C) liability to both you and Intel. D) asset to both you and Intel.
An example of adverse selection is a. purchasing a new car sight unseen based on the recommendation of a neighbor. b. high health-insurance premiums resulting from the poor health of people who buy policies
c. suppliers who charge more for better quality clothing than for lower quality clothing. d. being talked into buying a low-quality item because the price is lower.