If the efficient-market hypothesis is true, then the idea of:
A. herd instinct doesn't always hold.
B. tulip mania doesn't always hold.
C. tulip mania holds.
D. herd instinct holds.
Answer: A
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In the 2-factor, 2 good Heckscher-Ohlin model, the production possibility frontier is kinked when
A) there is no factor substitution in production. B) the opportunity cost of production is constant. C) there are unemployed factor resources. D) a country does not engage in trade. E) transportation costs are very high.
Which of the following is true if the total variable cost curve is increasing at an increasing rate?
A. Average fixed cost is increasing. B. Marginal cost is decreasing. C. Marginal cost is increasing. D. Average fixed cost is constant.
The economic development of a country is dependent on all of the following except
What will be an ideal response?
Suppose the actual federal funds rate is above the rate implied by a particular inflation goal. In this situation, the Taylor rule implies that
A. monetary policy is contractionary. B. monetary policy is neither expansionary or contractionary. C. fiscal policy is expansionary. D. monetary policy is expansionary.