The recession of 2008-2009 demonstrated that ________
A) consumption is especially sensitive to changes in the retirement age
B) changes in wealth can be a major source of fluctuations in consumption
C) as consumers get older, they tend to exhaust all their savings
D) permanent income is something of a misnomer
B
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This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were many other bidders that you beat out d. you shaded your bid too much
For any competitive labor market, changes that increase the opportunity cost of work will:
A. increase the labor supply and shift the supply curve right. B. decrease the labor supply and shift the supply curve right. C. decrease the labor supply and shift the supply curve left. D. increase the labor supply and shift the supply curve left.
If the exchange rate between yen and dollars were 120 yen per dollar, when a Japanese tourist buys a good valued at $600, its cost in yen would be: a. 5 yen
b. 600 yen. c. 72,000 yen. d. 120 yen.
The creation of the Social Security program caused a decrease in the labor force participation rate.
Answer the following statement true (T) or false (F)