The In the News article titled "Great Recession Officially Ended Last Year" states that the recession that started in December 2007 lasted until June 2009. The National Bureau of Economic Research took over a year to announce that the recession had ended. This suggests that
A. Measurement difficulties prevent policy makers from identifying what is happening in the economy.
B. Economists could not agree on policy priorities.
C. There are significant lags in response to policy.
D. The political business cycle is to blame for the economic situation.
Answer: A
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In Figure 3-7 above, the multiplier is
A) 2. B) 0.2. C) 5. D) 2.5.
The most a bank could lend at any time without altering its assets is an amount equal to its:
A. checkable deposits. B. excess reserves. C. reserves. D. net worth.
Suppose the accompanying table describes the relationship between price and quantity demanded for a monopolist. QuantityPrice1$102$93$84$75$66$57$48$3If the marginal cost of producing each unit of output is $5, then this monopolist's profit-maximizing level of output is ________.
A. 2 B. 5 C. 3 D. 4
In a market system, what provides individuals the information needed to make decisions?
A. insurance B. prices C. patents D. government