6)Which of the following is false? The U.S. has not had a depression since the 1
ID: 1161158 • Letter: 6
Question
6)Which of the following is false?
The U.S. has not had a depression since the 1930s.
The U.S. has had a great deal of stagflation in the 1970s.
The U.S. has had twelve recessions since January 1945.
The U.S. had rising inflation all throughout the 1990s.
9) In order to raise the rate of economic growth the United States needs to?
-Have its consumers save less.
-Spend more on consumer goods.
-Use older, tried and true technology.
-Have its business firms invest more.
10) The "New Economy", a period marked by major technological change, low inflation, low unemployment, and rapidly growing productivity characterized ?
-All of the decades listed.
-the 1990s.
-the 1960s.
-the 1920s.
12)Black markets emerge during times of
-price floors.
-neither price floors nor price ceilings.
-both price floors and price ceilings.
-price ceilings.
13)A socialist economy is characterized by
-public ownership of productive resources.
-an extensive reliance on markets to allocate final goods and services.
-an extensive reliance on the profit motive to govern resource allocation decisions.
-elimination of the problem of scarcity since all basic necessities are available to all citizens.
14)Which of the following statements is true?
-Taxing the poor will lead to a more equal distribution of income.
-A basic trade-off exists between the goals of equity and efficiency for a society.
-The forces of supply and demand will automatically lead to an equitable distribution of income.
-Taxing the wealthy will lead to a more efficient economy.
15) An increase in the rate of economic growth curve could be caused by all of the following except
-a movement along the production possibilities curve so that the society produces more consumer goods and less capital goods.
-an increase in research and development spending for space technology that improves the quality of the nation's capital stock.
-an increase in immigration that increases the country's labor force by 20 percent.
-a national tax that encourages all employers to provide more training and education for employees which leads to an across-the-board upgrade of the skill level of the nation's workforce.
16)As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g., guns), the sacrifices of the alternative good (e.g., butter) become larger and larger. This is an illustration of
-the law of supply.
-the law of demand.
-increasing opportunity costs.
-decreasing opportunity costs.
17)In the former Soviet Union distributing scarce consumer goods was accomplished by
-making the consumer stand in a long line for hours if not days.
-None of the choices are true.
-higher prices which eliminated some potential consumers.
-the government simply printing more money.
18)The U.S. distribution system is
-determined by a modified version of one dollar, one vote.
-identical to that of the former Soviet Union.
-similar to the fascist 1930's Germany.
-based on a pure socialist economy
19)Which statement is true?
-We have had recessions about every three years since World War II.
-The United States has a larger national output than any other country in the world.
-None of the statements are true.
-There were no recessions while Ronald Reagan was president.
20)Which of the following is a typical attribute of a socialist country?
-All of the choices are attributes of a socialist country.
-A large-scale redistribution of income program from the wealthy and well-to-do to the middle class, working, class and the poor.
-Taxes are very high, particularly on the wealthy classes.
-Cradle-to-grave security for its citizens. course microeconomic
Explanation / Answer
6) The US has had 12 recessions since 1945.
This statement is false as according to NBER there have been 10 recessions.
9) Have its business firm invest more
When investment increases, aggregate demand increases which results in higher output and higher gdp.
10) All of the decades listed
All the periods given are marked as new economies.
11) price ceiling
Under price ceiling, price is charged below equilibrium price. At lower order quantity demanded is greater than quantity supplied which creates shortage or excess demand. This excess demand is usually met by sellers charging higher price in black markets.
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