Which of the following is true of the business cycle record of the United States?
a. Recessions have been lengthier during the last two decades than was true prior to 1980.
b. Real GDP contracted throughout most of the 1950s.
c. Real GDP in 2000 was approximately the same as 1950.
d. Since 1950, the fluctuations in GDP have been less severe than before 1950.
D
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Scarcity is a(n):
a. problem only in industrialized economies. b. condition measured by the quantity of goods available. c. subjective concept that human wants can never be satisfied. d. problem only in poor economies.
Which of the following is not an example of government's role as an actor?
A. Social security tax cuts that reduce the percentage paid by employees B. Equal opportunity and labor laws that restrict businesses' freedom to hire and fire whomever they want C. Increases in social security spending D. Laws that require states and the federal government to balance their budgets