The United States and most other countries utilized Keynes economic theory to attempt to escape from the Great Recession of 2007 - 2009 by increasing ________ ____________ and decreasing ______ ______ to stimulate the economy.
Fill in the blank(s) with the appropriate word(s).
government spending; income taxes
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Over the past 30 years, the number of jobs in the United States requiring skilled labor has been declining as foreign countries steal these jobs away from the U.S. As a result, the domestic demand for skilled labor has been falling and the wage gap between skilled and unskilled labor has been narrowing
a. True b. False Indicate whether the statement is true or false
In the modern U.S. economy, the typical unemployed person stays unemployed for
A) a relatively long time, over a year. B) a relatively short time, less than six months. C) a long time during expansions and a short time during recessions. D) an amount of time that is hard to quantify.
Suppose two neighbors share a park. One neighbor, Al, leaves trash in the park. This bothers the other neighbor, Bert. According to Coase's Theorem, the optimal level of trash in the park can be achieved if
A) Al is fined by the government. B) Al has the right to leave trash and Bert cannot do anything about it. C) Al has the right to leave trash and Bert can pay him to limit his dumping. D) Bert moves.
"Rivalry" in consumption means that:
A. when one person buys a good, it is not available for another person to buy. B. there are many buyers of the good. C. there are multiple sellers of the good. D. a buyer may purchase goods from multiple sellers.