According to the National Bureau of Economic Research, the recession that began in December 2007
A) lasted 12 months.
B) lasted 18 months.
C) lasted 27 months.
D) did not end until December 2011.
Answer: B
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Economists will always reach the same conclusion in their positive analyses
Indicate whether the statement is true or false
Assume that you have heard news that a local radio station is hosting a luncheon at your school by offering hot dogs, chips and cola at no expense to the student body. Why would economists say that this lunch is not truly free?
What will be an ideal response?
Microeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance. b. the actions of particular agents within the economy, like households, workers, and business firms. c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals. d. workers or firms, and whether they are well suited within the overall production process.
Which of the following are considered ad valorem taxes?
A. taxes based on the amount of debt that the government must repay B. taxes assessed by charging a flat amount per unit purchased C. taxes assessed by charging a rate equal to a percentage of an item's price D. taxes based on the amount of spending the government will undertake