The organization responsible for determining the start- and end-dates of a recession is
A) the National Bureau of Economic Research.
B) the Bureau of Economic Analysis.
C) the Federal Reserve.
D) the U.S. Department of Labor.
A
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Induced expenditure is any expenditure that
A) is fixed for all price levels. B) is fixed for all levels of real GDP. C) changes when real GDP changes. D) changes when the interest rate changes. E) is fixed for all levels of the interest rate.
Discuss the likely impact of each of the following on the unemployment rate and on the natural rate of unemployment.:
a. The length of time workers are eligible to receive unemployment benefits is extended by 26 weeks. b. The government passes a law which increases the age of eligibility to collect Social Security benefits. c. The government decides to increase access to Social Security disability benefits.
If there is a sudden increase in government spending, which of the following should the Fed do if it wants to keep output unchanged?
a. Do nothing, since the self-correcting mechanism will adjust the economy b. Sell bonds in the open market c. Wait, since output usually does not change when government spending increases d. Decrease the required reserve ratio e. Buy bonds in the open market
Marginal cost:
A. increases then decreases, as output increases, to reflect marginal product. B. is calculated as change in total output divided by change in total cost. C. is calculated as change in total cost divided by change in total output. D. None of these is true.