On October 24, 1929, the stock market crashed. By the end of the year, over $40 billion of wealth had vanished. Which of the following indicates the appropriate change in the U.S. economy?
A. The economy moved up along the aggregate demand curve
B. The economy moved down along the aggregate demand curve.
C. Aggregate demand shifted to the left.
D. Aggregate demand shifted to the right.
C. Aggregate demand shifted to the left.
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Suppose that real GDP starts at 100 and grows at a rate of 10 percent per year for two years. In the third year real GDP would be
A) 110. B) 110.1. C) 120. D) 121.
The type of unemployment most likely to be experienced by a touring professional golfer is: a. frictional unemployment
b. structural unemployment. c. seasonal unemployment. d. cyclical unemployment. e. discouraged-worker unemployment.
A firm that responds to a regulatory rule in a way that permits technical compliance while allowing the firm to violate the spirit of the regulation has.
A. reduced the scope of the lemons problem. B. engaged in a creative response to regulation. C. shared the gains and pains of regulation. D. become a captured regulator.
Use a supply and demand diagram to show how health insurance causes an over allocation of resources to health care
