Since 1925, the longest expansion in the United States lasted:
A. 21 months.
B. 120 months.
C. 43 months.
D. 60 months.
Answer: B
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Which of the following is a good example of efficient specialization and voluntary exchange?
A. A college professor hires someone to rototill his or her garden to ready it for spring planting. B. A college professor works on the engine of a car for a neighbor who is a mechanic. C. A lawyer decides to babysit his or her young child and agrees to do so for others for cash. D. A physician agrees to help a neighbor work on his or her income tax return in exchange for his or her bookkeeping services.
Which of the following is most likely to increase U.S. exports?
a. The government gives subsidies to U.S. firms that export goods or services. b. The government reduces the size of the budget surplus. c. The United States unilaterally reduces its restrictions on foreign imports. d. Taxes on domestic saving rise.
After 1970, the share of federal spending allocated to national defense:
A. declined sharply, while the share allocated to income security increased substantially. B. rose sharply, while the share allocated to income security declined substantially. C. was relatively constant, while the share allocated to income security declined modestly. D. declined modestly, while the share allocated to income security was relatively constant.
Economists spend much of their time
A) describing how choices are made and analyzing the results of those choices. B) arguing that optimal decisions are rarely made at the margin. C) using normative analysis to develop economic models. D) telling businesses what goods and services to produce and how to produce them.