Today a college graduate earns about $____ while a high school graduate earns about $_____.
A. 70,000; 24,000
B. 55,000; 33,000
C. 53,000; 24,000
D. 70,000; 32,000
B. 55,000; 33,000
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Economists who are skeptical of hysteresis in Europe during the 1980s and 1990s cite all of the following as reasons for persistently high unemployment in Europe EXCEPT
A) generous unemployment benefits. B) restrictions on firms' ability to hire and fire workers. C) the existence of an ongoing recession. D) high tax rates.
Briefly explain how moral hazard contributed to the problems faced by Freddie Mac and Fannie Mae in the 2008 financial crisis.
What will be an ideal response?
The predictions that the Obama administration used to justify the stimulus plan have been shown to be (according to most economists)
A. wrong; the plan did not work as well as their predictions suggested it would but did have some positive impact. B. wrong; the plan had no positive impact and has been credited with extending the recession of 2007-2009. C. right on the mark. D. wrong; the plan worked much better than their predictions suggested it would.
Accumulating debt poses a problem for the U.S. federal government because
A) it is currently in danger of defaulting on the debt. B) a large debt-to-GDP ratio causes crowding out. C) building roads and bridges do not yield enough benefits to justify their cost. D) the debt has to ultimately be paid off.