The longest recession since the 1940's began in:
A. 1981.
B. 1973.
C. 2007.
D. 1952.
Answer: C
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A core principle of the economic way of thinking assumes social phenomena
A) are less important than economic phenomena. B) are more important by far than economic phenomena. C) cannot be influenced by ethical considerations. D) emerge from individuals' choices.
All of the payment to a factor of production will be economic rent when the factor of production has:
A) an infinitely inelastic supply curve. B) an infinitely elastic supply curve. C) a constant, unit elastic supply curve. D) an infinitely inelastic demand curve.
Suppose you found $3,000 hidden in your closet and deposited it in a demand deposit account at your bank. If the reserve requirement was 40 percent, the deposit would directly create ____ in excess reserves and ultimately lead to a ____ total increase in the money supply, if all banks in the system lend out 100 percent of their excess reserves
a. $1,800; $7,500 b. $1,800; $5,400 c. $3,000; $7,500 d. $3,000; $3,000
One of the reasons why firms pollute the air is that
A. use of the air is not easily excludable. B. use of the air is costless to society. C. use of the air is excludable. D. moral hazard creates incentives to pollute the air.