Which of the following shocks have caused most of the recessions since 1950?
a. Both c and e
b. Increased government spending
c. Oil price increases
d. The beginning of a war
e. Changes in Federal Reserve Policy
A
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Answer the following statement(s) true (T) or false (F)
1. An industry's demand curve tends to be more elastic than the sum of the individual firms' labor curves. 2. A monopsonist's short-run demand curve for labor coincides with its marginal revenue product of labor curve. 3. A monopsonist will continue to hire additional laborers as long as their marginal revenue product exceeds the wage rate. 4. A monopsonist hires fewer workers and pays a lower wage than would be the case if many firms competed to hire labor. 5. The profit an owner receives is equivalent to the rent received for her entrepreneurial services.
What is an economy?
What will be an ideal response?
Assume Bonnie has $64 to spend on hairbands and earrings. Her budget constraint is shown in the graph shown. Which of the following can be said about Bonnie's choices?
A. Bonnie can buy twice as many hairbands as earrings.
B. Earrings must cost $16 each.
C. Hairbands must cost $8 each.
D. All of these are true.
If the exchange rate between the U.S. dollar and the euro was 1.20 ($1.20 = one euro), what would be the price in dollars of a bottle of French wine selling for 40 euro?
a. $33.33 b. $40 c. $48 d. $120