The problem with applying monetary policy to the housing bubble affiliated with the recession of 2007–2008 was that the bubble was recognized______.
a. too late to take action
b. so far in advance that the actions taken were excessive
c. in time, but no action was taken
d. in time, but underestimated
a. too late to take action
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The largest single portion of the federal budget is devoted to
A. national defense. B. Medicare and Medicaid. C. Social Security and unemployment compensation. D. education. E. interest payments on the national debt.
A surplus tends to put ________ pressure on the price of the product, which ________ the quantity supplied
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
When a U.S. citizen invests in foreign assets, the transaction is recorded in the balance of payments as a
a. credit in financial account. b. debit in the financial account. c. credit in the current account. d. debit in the current account.
Which of the following is likely to be a monopolist?
A.) A potato chip company that sells lots of chips and competes with other chip producers. B.) A farmer who specializes in growing organic fruits and vegetables. C.) The sole producer of a new medical device for people with limited mobility. D.) The chemical company in a small town that employs most of the town's workforce.