Government purchases consist of the total dollar amount(s) spent on goods and services by the
A) federal government only.
B) state governments only.
C) local governments only.
D) state and local governments, but not the federal government.
E) federal, state, and local governments.
E
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An economist secures volunteers from her college campus and divides them into two groups that are ushered into different rooms. Both groups are given a test. Those in the first group who score 90 percent or more receive an Apple iPad. Upon exiting the room, those given iPads are offered the choice of receiving $150 in exchange for the iPad. Only a few take the exchange. Those in the second group who score 90 percent are offered either an Apple iPad or $150. About half the students choose $150. The professor uses this data to support a principle known as the endowment effect. The professor is engaging in:
A. natural experiments. B. the economic decision rule. C. experimental economics. D. a market coordination mechanism.
When comparing the severity of recessions since World War II, economists focus on the ones in
A. 2001 and 2007-2009. B. 1968 and 1974. C. 1990 and 2001. D. 1982 and 2007-2009.