Who said: "Wealth has never been a sufficient source of honor in itself. It must be advertised and the normal medium is obtrusively expensive goods."
A. The theory would predict that people's consumption would be greater than their income until their mid to late 20s.
B. A person who won a prize would spend at least 50 percent of their winnings in the first year.
C. Consumption is greater than income when people reach old age.
D. People gear their consumption to their expected earnings more than to their current income.
B. A person who won a prize would spend at least 50 percent of their winnings in the first year.
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Refer to the scenario above. If the players have to pay a fairness penalty of $6, ________
A) the game will not have a Nash equilibrium B) the game will have multiple Nash equilibria C) the game will have multiple dominant strategy equilibria D) the game will have a unique Nash equilibrium
The Big Mac index:
A. is measured by The Economist. B. is a simple measure that indicates differing costs of living in different countries. C. converts the price of a Big Mac worldwide to dollars, and compares it to how much they cost in the U.S. D. All of these statements are true.
Aggressive policy measures taken by the monetary authority during the 2007-2008 financial crisis in the United States resulted in:
a. avoidance of a recession caused by a tight credit market. b. almost no transmission of the monetary stimulus to market rates of interest, increased lending, and expansion of GDP. c. lower rates of interest and increased investment activity. d. an increase of real GDP and a fall in the core unemployment rate.
When economic or political conditions are unstable,
a. the price of gold rises to $850 per ounce. b. the supply of gold decreases. c. the price of gold decreases. d. the demand for gold increases.