An intertemporal budget constraint
A) requires the present value of consumption to be equal to the present value of production.
B) requires total spending in each period to be equal to total consumption in each period.
C) does not take into account the ability to borrow or loan goods domestically.
D) categorizes income into permanent and temporary income.
E) limits consumption to the amount produced in each time period.
A
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That some talented people may not enter an occupation because they have heard that people with their personal characteristics do not get hired in that occupation is known as
A) economic discrimination. B) a negative feedback loop. C) a compensating difference. D) worker discrimination.
If you were building a macroeconomic model that explores the effect of the aging population on the needed expenditure for Social Security and Medicare, the exogenous variable(s) would be the
A) aging population. B) needed expenditure on Social Security. C) needed expenditure on Medicare. D) needed expenditure on both Social Security and Medicare.
Which economic concept is the closest to the saying "There's no free lunch"?
a. Specialization b. Unlimited wants c. Underutilization of resources d. Opportunity costs e. Overutilization of resources
In what situation would a macroeconomist find real gross domestic product most useful?
a. when reporting the figures for economic growth in the latest quarter b. when comparing economic growth during two different decades c. when measuring the change in the unemployment rate over the past decade d. when analyzing what factors affect changes in the price level over time