Which of the following workers is most likely to lose his/her job during a recession?
A. Barber
B. Farmer
C. Baker
D. Construction worker
Answer: D
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The impact of higher taxes would be examined by
A) a microeconomist. B) a macroeconomist. C) both a macroeconomist and a microeconomist. D) neither a macroeconomist nor a microeconomist.
If the relative price of HD TVs (a normal good) decreases and real income increases, the quantity of HD TVs increases, which is represented by a:
A. movement downward along the demand curve. B. movement upward along the demand curve. C. rightward shift of the demand curve. D. leftward shift of the demand curve.
The significant increases in oil prices during the late 2000s was an example of
A) an aggregate demand shock that increased the price level and increased the rate of growth of real Gross Domestic Product (GDP). B) an aggregate demand shock that reduced the price level and reduced the rate of growth of real Gross Domestic Product (GDP). C) an aggregate supply shock that increased the price level and reduced the rate of growth of real Gross Domestic Product (GDP). D) an aggregate supply shock that reduced the price level and increased the rate of growth of real Gross Domestic Product (GDP).
The difference between the cost of raw materials and the price of the final good is known as
a. value added. b. capital consumption allowance. c. a transfer payment. d. net national product.