The fact that business cycles are recurrent but not periodic means that
A) business cycles occur at predictable intervals, but do not last a predetermined length of time.
B) the business cycle's standard contraction—trough—expansion—peak pattern has been observed to occur over and over again, but not at predictable intervals.
C) business cycles occur at predictable intervals, but do not all follow a standard contraction—trough—expansion—peak pattern.
D) business cycles last a predetermined length of time, but do not all follow a standard contraction—trough—expansion—peak pattern.
B
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Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. What are the equilibrium price and quantity (in thousands) for Pauline's Pickled Pomegranates?
A) $15 and 45 thousand B) $30 and 15 thousand C) $60 and 20 thousand D) $20 and 10 thousand
Alan runs the only taxi service in town. Whenever he raises his fares above $.30 per mile, other taxi firms enter and compete with him to drive his fares back to $.30 per mile. Describe what kind of market Alan is operating in and if it is plausible that Alan might set his fare so as to achieve efficiency? Explain
Which of the following statements is false?
A) One of the intended effects of the health-care reform bills passed in March 2010 was for some people who had health insurance before the reform to choose to become uninsured after health-care reform. B) One of the provisions of the health-care reform bills passed in March 2010 is that individuals will be fined for not buying insurance. C) Among the provisions in the health-care reform bills passed in March 2010 is that insurance companies are prohibited from turning down a person with a preexisting disease. D) One of the objectives of the health-care reform bills passed in March 2010 was to bring more people into the pool of insured persons so that insurance policies would become cheaper.
Assume that taxes depend on income. The MPC is 0.8 and t is 0.2. The government spending multiplier is
A. 1.25. B. 2.78. C. 4. D. 4.17.