Comparisons of business cycles before and after World War II show that
a) there has been no significant change in the nature of business cycles
b) the amplitude of business cycles has increased in recent years
c) diminishing foreign trade has successfully reduced volatility in the post-war period
d) expansions have lengthened and contractions have shortened
e) recessions have become shorter but deeper, while expansions have become shorter with higher growth rates
d) expansions have lengthened and contractions have shortened
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The law of comparative advantage implies that a doctor who is also a talented auto mechanic should
A. get a part-time job at a gas station. B. do his or her own auto repairs and those of his or her neighbors. C. hire a professional mechanic to repair his or her car. D. only repair the cars of other doctors.
Why is it necessary for a firm that practices price discrimination be a price maker rather than a price taker?
What will be an ideal response?
Regarding wage differences among various groups of workers — blacks and whites, men and women, etc. — most economists believe that
a. no such differences are evident from the available data. b. most of the differences are attributable to discrimination. c. some of the wage differences are attributable to discrimination, but there is disagreement about how much. d. none of the differences are attributable to discrimination.
The Federal Deposit Insurance Corporation
A. only insures deposits in money-center banks.
B.
| discourages banks from engaging in excessive risk taking. |
C. increases the stability of the banking system by reducing the likelihood of bank runs.
D. was established after the Panic of 1907.