A prolonged period during which stock prices continue to decline is known as a
a. bear market
b. bull market
c. crash
d. depression
e. none of these
a. bear market
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A production possibilities curve is drawn based on which of the following assumptions?
a. Resources are fixed and fully employed, and technology advances at the rate of growth of the economy overall. b. Resources such as labor and capital will grow, are fully employed, and technology is unchanged. c. None of the answers are correct. d. Resources can vary, most resources experience times of unemployment, and technology advances, particularly during wartime. e. Resources such as nonrenewable resources will decline, but labor remains fully employed, and technology is unchanged.
Theories or models of economic behavior are used to
a. explain very precise details about the economy b. predict economic events and develop economic policy c. predict consumer behavior but not market behavior d. all of the above
Which of the following policies would be most effective in the flat part of the SRAS demand curve?
a. The Fed decreases the money supply by 3 percent. b. The Fed decreases the money supply by 10 percent. c. The Fed increases the money supply by 3 percent. d. The Fed increases the money supply by 10 percent.
Over the course of the twentieth century, the typical American
A) remained equally as rich. B) became twice as rich. C) became five times as rich D) became eight times as rich.