Based on the graph showing the effective federal funds rate, the downturn in interest rates after the 2001 recession lasted ______.
a. a shorter time than most downturns
b. a longer time than most downturns
c. about the same time as most downturns
d. five years longer than any previous downturn
b. a longer time than most downturns
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Which event is most likely to increase the elasticity of demand for a good?
A) A decrease in the demand for the good B) A decrease in the price of the good C) An increase in the demand for the good D) Higher incomes for consumers of the good E) The appearance on the market of excellent substitutes for the good
In order to derive a demand curve for cheese, we would change
a. income and hold other things constant b. tastes and hold other things constant c. the price of other goods and hold everything else constant d. the price of cheese and hold other things constant e. the price of all goods, including cheese and hold other things constant
Which of the following is NOT included when calculating GDP?
A. the dollar value of tuition expenditures at a community college B. the dollar value of a newly issued corporate bond C. the dollar value of a new iPhone D. the dollar value of a new car
One of the economic effects of rising health care costs in the labor market is that:
A. Productivity in medical care decreases B. The demand for medical workers is decreasing C. Government is cutting health care coverage for workers D. Employers are using more temporary and part-time workers