For the recession of 2007-2009, it took ________ for real GDP to return to its cyclical peak

U.S. investment is financed from

A) private saving, government budget surpluses, and borrowing from the rest of the world. B) private saving, government budget deficits, and borrowing from the rest of the world. C) private borrowing, government budget deficits, and lending to the rest of the world. D) private saving and borrowing from the rest of the world only.

In a majority-rules democracy, economic thinking suggests that we should expect to see institutions and policies that

a. are short-sighted. b. take the long view, sacrificing current benefits to get larger future benefits. c. benefit the common citizen at the expense of narrow special interest groups which, after all, have fewer voters. d. are biased against income transfer programs, regardless of constitutional limits.