A) people are now earning higher incomes while goods and services are cheaper
B) the dollar is worth now more than in the past
C) the output of goods and services has risen faster than the population
D) the population is now living and working longer
E) the population has increased while production has decreased
Correct Answer
verified
Multiple Choice
A) peak
B) trough
C) expansion
D) business cycle
E) recession
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Multiple Choice
A) England
B) Zimbabwe
C) Germany
D) Egypt
E) the former Soviet Union
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Multiple Choice
A) Real GDP rises faster than population.
B) Real GDP rises faster than the price level.
C) Real GDP rises.
D) Real GDP rises faster than the number of people employed.
E) Real GDP rises faster than the number of people unemployed.
Correct Answer
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True/False
Correct Answer
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Multiple Choice
A) business cycles
B) recessions
C) peaks
D) expansions
E) troughs
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Multiple Choice
A) Low prices
B) Declining prices
C) Pure competition
D) Stable prices
E) High prices
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Multiple Choice
A) high economic growth and low economic growth
B) expansion and contraction
C) expansion and depression
D) high inflation and low inflation
E) potential economic growth and actual economic growth
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Multiple Choice
A) in most years
B) at least once a year
C) only rarely
D) in election years
E) at least once every five years
Correct Answer
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Multiple Choice
A) we model tens of thousands of individual supply and demand curves
B) we determine thousands of prices and quantities
C) we employ aggregation to reduce the number of markets we need to understand
D) we add up all the demand and supply curves that are obtained in microeconomics
E) we add up the prices of all goods and services produced in the economy
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Multiple Choice
A) decreased in more years than it has increased
B) increased dramatically
C) increased slowly
D) increased moderately
E) been stable
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True/False
Correct Answer
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Multiple Choice
A) 10 percent
B) 20 percent
C) 25 percent
D) 50 percent
E) 75 percent
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True/False
Correct Answer
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Multiple Choice
A) occurred at a rapid pace compared to the period 1950-1973
B) improved living standards across the entire population
C) maintained approximately constant living standards across the entire population
D) improved the living standards of less-skilled workers while highly skilled workers have become worse off
E) improved the living standards of highly skilled workers while less-skilled workers have become worse off
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Multiple Choice
A) five million jobs
B) one million jobs
C) half a million jobs
D) two hundred thousand jobs
E) one hundred thousand jobs
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True/False
Correct Answer
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Multiple Choice
A) classical economic theory was correct
B) the government should follow a policy of laissez faire
C) the critiques of classical economics were flawed
D) the economy does not always perform well in the absence of government guidance
E) instead of focusing on money,the government should control interest rates
Correct Answer
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Multiple Choice
A) 5 percent
B) 10 percent
C) 12 percent
D) 25 percent
E) 50 percent
Correct Answer
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True/False
Correct Answer
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