Which of the following is true of the business cycle record of the United States?
A. Recessions have been lengthier during the last two decades than was true prior to 1980.
B. Real GDP contracted throughout most of the 1950s.
C. Real GDP in 2000 was approximately the same as 1950.
D. Since 1950, the fluctuations in GDP have been less severe than before 1950.
Answer: D
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Which of the following is included in M0, but not in M1?
A) demand deposits B) deposits of depository institutions at the Federal Reserve C) currency held by the U.S. public D) U.S. currency held by foreigners
The additional benefit received as a result of undertaking an action is: a. the opportunity cost. b. the marginal cost
c. the marginal benefit. d. the total benefit.
Total welfare gains from trade to the economy can be measured by the sum of consumer and producer surplus
a. True b. False Indicate whether the statement is true or false
The income tax requires that taxpayers pay 10 percent on the first $50,000 of income and 20 percent on all income over $50,000 . Andy paid $9,000 in taxes. What were his marginal and average tax rates?
a. 20 percent and 13 percent, respectively b. 20 percent and 15 percent, respectively c. 10 percent and 13 percent respectively d. 10 percent and 15 percent respectively