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Refer to the table below.  From 1950 through 2009, in what year was the longest expansion?  Enter your answer as an numeric date e.g. 1929. Trough Months of Contraction Peak Months of Expansion December 1, 1900 18 September 1, 1902 21 August 1, 1904 23 May 1, 1907 33 June 1, 1908 13 January 1, 1910 19 January 1, 1912 24 January 1, 1913 12 December 1, 1914 23 August 1, 1918 44 March 1, 1919 7 January 1, 1920 10 July 1, 1921 18 May 1, 1923 22 July 1, 1924 14 October 1, 1926 27 November 1, 1927 23 August 1, 1929 21 March 1, 1933 43 May 1, 1937 50 June 1, 1938 13 February 1, 1945 80 October 1, 1945 8 November 1, 1948 37 October 1, 1949 11 July 1, 1953 45 May 1, 1954 10 August 1, 1957 39 April 1, 1958 8 April 1, 1960 24 February 1, 1961 10 December 1, 1969 106 November 1, 1970 11 November 1, 1973 36 March 1, 1975 16 January 1, 1980 58 July 1, 1980 6 July 1, 1981 12 November 1, 1982 16 July 1, 1990 92 March 1, 2001 8 November 1, 2001 120 December 1, 2007 18 June 1, 2009 73  

In economics, capital refers to:

A(n) ______ is someone who gets direct benefits from another person’s purchase of a public good.  

True or False?  Attendance counts as part of your grade?

Money creation occurs in the banking system when :

Currency held in the vault of Bank of America is

Building a new road creates a ____________ externality due to the loss of a beautiful landscape which people can no longer enjoy.

Mark all that apply.  When speaking about property rights and protection of endangered species, property right should:

The following table shows costs and prices faced by an automobile manufacturer.  Profit maximization is achieved at a production rate of ____ autos per month  (Enter your answer as a numeric value). Output (cars per month) 0 1 2 3 4 Price (millions per car) 0 $9 $8 $7 $6 Total cost (millions per month) $1 $4 $6 $12 $16 Total revenue (millions per month)           Total Profit (millions per month)            

Cautions about the money multiplier