During the last half of 2008 and the first half of 2009, the congress passed and the President signed two bills totaling about _______________ in an attempt to avert the Great Recession.
A. $700 billion
B. $800 billion
C. nearly $1.5 trillion
D. more than $2.0 trillion
C. nearly $1.5 trillion
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The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen.
Answer the following statement true (T) or false (F)
If the rate of inflation in the economy is steady at 5 percent per year, how does the short-run Phillips curve predict that the unemployment rate will be changing, if at all? Does your answer change if inflation in the economy is 0 percent?
Illustrate your answer with a Phillips curve.
An analysis of countries experiencing rapid inflation indicates that inflation is generally
a. caused by strong labor unions. b. the result of restrictive macroeconomic policy, which pushes up interest rates. c. caused by the impulse buying of consumers, who continue to buy the same goods even when prices rise. d. the result of rapid growth in the money supply.
Which of the following is most important for young people wanting to increase their wealth and improve their living standard over time?
What will be an ideal response?