What contributed to the United States recession of 2007-2009?
a. High Federal budget deficit
b. Deflation in commodity prices and reduction in consumer saving
c. Bank failure, panic among investors, and lack of confidence in paper currency
d. Stock market collapse, drop in real estate values, and a drop in consumer spending
d
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Which of the following goods and services are omitted from GDP?
A) household production B) expenditure on resources used to protect the environment C) services such as hair styling D) government weather satellites E) capital goods
Refer to Figure 11-2. Based on the per-worker production function above, if the economy raises capital per hour worked from $35,000 to $40,000, by how much will real GDP per hour worked increase?
A) $150 B) $1,850 C) $2,000 D) $5,000
If two nations are equally armed it is highly likely that neither will initiate a conflict
a. True b. False
Suppose earnings are given by E = $60 + $7(24 ? L), where E is earnings and L is the hours of leisure. What is the price to the worker of consuming an additional hour of leisure?
A. $24 B. $12 C. $7 D. $10