Which of the following groups of people is eligible for unemployment insurance?
a. people who were laid off in a recession
b. people who have not had a job before
c. people who were fired
d. people who quit their job
a. people who were laid off in a recession
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Which of the following goods is likely to be sold through an auction?
A) a loaf of bread from a local bakery B) the rights to drill for oil on a specified 200 acres in Texas C) an ear of corn D) a bag of flour
A $0.2 trillion increase in government purchases increases the quantity demanded by $1.0 trillion, price level remaining constant. This additional spending reflects the _____ effect
a. recessionary b. expansionary c. simple spending multiplier d. income e. substitution
From 1929 to 1993, the first four years of the Great Depression, U.S. output dropped by more than
a. 10 percent b. 80 percent c. 5 percent d. 50 percent e. 25 percent
Which of the following is NOT true of opportunity cost?
a. Opportunity costs are subjective because they depend upon how the decision-maker values his or her options. b. Opportunity costs are only the monetary costs of lost options. c. Opportunity costs are the highest-valued alternative sacrificed in order to choose an option. d. Only the decision-maker can determine his or her opportunity costs for any particular action.