Which statement is true?
A. There was a great deal of stagflation in the 1960s.
B. We had full employment for most of the 1980s.
C. We have had twelve recessions since the beginning of 1945.
D. None of the choices are true.
C. We have had twelve recessions since the beginning of 1945.
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Because a bank earns money when it makes a loan to a borrower it:
A. has an incentive to loan out as much of each deposit as it can. B. has an incentive to borrow from the government as much as it can to loan out. C. needs to loan out more than it takes in through deposits to make money. D. has more of an incentive to loan out money than take money in through deposits.
The New York Yankees are the winningest team in all of professional sports history. When interviewed after sweeping a World Series, the Yankee manager always says that, "To me, this win is the sweetest of them all.". To an economist, it means that
a. the marginal utility of the last win is greater than the total utility of all previous Yankee World Series wins b. the law of diminishing marginal utility applies here c. the law of diminishing marginal utility doesn't apply here d. the manager engages in interpersonal comparisons of utility e. consumer surplus increases with each win
Suppose rice can be produced in China at a lower cost than in Thailand, while tuna can be produced in Thailand at a lower cost than in China. International competition will
a. destroy the rice market in both countries b. drive China to specialize in rice and Thailand to specialize in tuna c. drive Thailand to specialize in rice and China to specialize in tuna d. cause both countries to reject international specialization e. result in lower total output of rice and tuna
If there are many close substitutes available for a good, its elasticity of demand will be higher
a. True b. False Indicate whether the statement is true or false