Economist Robert Fogel has estimated that by the year 2040, individuals in the United States will be spending
A) more time in the workforce and more time in leisure activities than they do today.
B) less time in the workforce and less time in leisure activities than they do today.
C) less time in the workforce and more time in leisure activities than they do today.
D) more time in the workforce and less time in leisure activities than they do today.
Answer: C
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Given an aggregate supply curve, a decrease in aggregate demand will: a. increase the real interest rate
b. increase real GDP. c. increase the price level. d. decrease the real exchange rate. e. decrease real GDP.
The belief that the velocity of money is not constant but highly predictable is associated with the:
a. Keynesian school. b. monetarist school. c. rational expectations school. d. supply-side school. e. classical school.
Between Labor Day weekend and the date of the U.S. presidential election in 2008,
A. Lehman Brothers filed for bankruptcy. B. Fannie Mae and Freddie Mac were placed in conservatorship. C. the U.S. Treasury and the Federal Reserve asked Congress for $700 billion for TARP. D. all of the options are correct.
Someone notices that sunspot activity is high just prior to recessions and concludes that sunspots cause recessions. This person has:
a. confused association and causation.
b. misunderstood the Ceteris paribus assumption.
c. used normative economics to answer a positive question.
d. built an untestable model.