In the recession of 2007-2009, the unemployment rate first began to increase sharply
A. in the first quarter of 2007.
B. in the fourth quarter of 2007.
C. in the first quarter of 2008.
D. in the third and fourth quarters of 2008.
Answer: D
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How would the following factors affect equilibrium in the market for labor?
a. An increase in the demand for the product that a firm is producing b. The use of a new technology that halves the time that workers will take to produce a good c. An increase in the age when people begin to receive Social Security benefits.
Ricardian Equivalence theory is based on the view that ________
A) the impact of a tax cut is felt primarily on domestic consumption spending B) households tend to take future events into account when engaging in economic decision-making C) the price of a commodity is negatively related to the quantity of that good demanded D) a trade-off exists between the use of monetary and fiscal policy in influencing the level of income