Which of the following was a country that ran large deficits in the mid-1990s, and plunged into deep recession in 1997 and 1998 when foreign investors became concerned about the health of these economies, and quickly pulled their money out of stock and bond markets, real estate, and banks?

Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive the highest payoff by

A) going to the park. B) going to the beach. C) You will receive the same payoff whether you choose the beach or the park. D) You cannot determine your highest payoff from the data in the figure.

The CBS news correspondent Bill Whitaker discussed the high level of unemployment among teens, especially during the summer months. In 2011, unemployment among the population as a whole was 9.1 percent, but among teens it was close to 24 percent

Many of these teens were hoping to get entry level jobs as small businesses. (Source: CBS news, June 4, 2011) A minimum wage set above the equilibrium wage rate is called A) a price floor. B) a price ceiling. C) quota. D) subsidy.