All of the following statements are correct EXCEPT:
A. There are unemployed people even during expansions.
B. Economies grow steadily over time.
C. A trade surplus exists when a country exports more than it imports.
D. Unemployment increases during recessions.
Answer: B
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Which of the following would shift the supply curve for CDs to the right?
a. a decrease in the price of materials used to make CDs b. a rise in the cost of labor used to make CDs c. an increase in the price of audio cassettes d. a decrease in the number of suppliers e. an increase in the price of CDs
Which of the following is true of the Industrial Revolution? a. It led to a twofold increase in the population of all nations
b. It led to a twofold increase in the per-capita GDP of all nations. c. It led to the invention of machines, leading to a transition to new manufacturing processes. d. It resulted in a decrease in the foreign reserves of major industrialized nations.
Tim earns income of $60,000 per year and pays $21,000 per year in taxes. Tim paid 20 percent in taxes on the first $30,000 he earned. What was the marginal tax rate on the second $30,000 he earned?
a. 20 percent b. 30 percent c. 50 percent d. 70 percent
An increase in production possibilities is known as
A. Predictable growth. B. Factor expansion. C. Economic growth. D. Upward mobility.