Which of the following schematics most accurately represents economic fluctuations during a business cycle?
A) Shock -> Spending response by households and firms -> Multiplier effect -> Change in real GDP
B) Shock -> Multiplier effect -> Spending response by households and firms -> Change in real GDP
C) Shock -> Multiplier effect -> Change in real GDP -> Spending response by households and firms
D) Shock -> Change in real GDP -> Spending response by households and firms -> Multiplier effect
A
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Using the data in the above table, the labor force is
A) 140.0 million. B) 152.1 million. C) 154.2 million. D) 250.0 million. E) 127.9 million.
Two parties can capture gains from specialization and trade whenever: a. One party is twice as good as producing all goods as the other
b. The opportunity costs of producing each good are the same for both parties. c. Both parties can produce equal amounts of both goods. d. None of the above are true.
Briefly and concisely define the following terms and explain their relevance to the study of economics. a. industrial and craft unions b. closed shop c. union shop d. bilateral monopoly e. collective-bargaining agreement
What will be an ideal response?
Prior to the housing crisis of 2008, the federal government had been trying to ______ lending standards for low income people to ______ home ownership.
a. raise; decrease b. raise; increase c. lower; decrease d. lower; increase