How has the severity and duration of business cycles changed over time in the United States?
What will be an ideal response?
Though it is a controversial subject, it appears that business cycles have become less severe over time. Recessions have certainly been shorter since World War II than they were before 1929. There is some disagreement about how severe they were before 1929, with Christina Romer arguing that measurement problems in the old data misled economists about how severe those recessions were. But others find that the old data is just about right and conclude that the business cycle is much less severe today.
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Rent controls are an example of a
A) price floor. B) price ceiling. C) price floor for the consumer and a price ceiling for the producer. D) nonprice rationing device.
In low-income LDCs, per capita income is typically _______ and per capita growth rate is ________
a. between $100 and $500 per year; negative or less than 2 percent per year b. between $1000 and $5000 per year; 2 to 10 percent per year c. between $10,000 and $50,000 per year; typically negative d. between $1 and $50 per year; negative e. between $0 and $100 per year; negative
In the table above, what is the marginal product of the fifth unit of labor?
A. 80 B. 20 C. -30 D. -10 E. 50
Under a negative income tax system, people can make payments to or receive them from the IRS
a. True b. False Indicate whether the statement is true or false