A measure of all the satisfaction you receive from all the coffee that you consume is your
A) marginal utility of coffee.
B) marginal utility per dollar spent on coffee.
C) total utility from coffee.
D) marginal utility per dollar spent on coffee when you are in your consumer equilibrium.
C
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When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing i. seasonal unemployment. ii
structural unemployment. iii. cyclical unemployment. A) i only B) ii only C) i and iii D) i and ii E) ii and iii
If the income-expenditure multiplier equals 2.5 and a 1 percent increase in the real interest rate reduces autonomous spending by 200 units, then a 1,000 unit expansionary gap can be eliminated by ________ the real interest rate by ________ percent.
A. increasing; 4.0 B. decreasing; 2.0 C. increasing; 2.5 D. increasing; 2.0
Game theory is used to model decisions in situations where the players interact.
a. true b. false
Which statement is false?
A. Our 2009 trade deficit with Japan was the highest deficit ever recorded with any one country. B. Our trading position with Japan is very much like a colony and a colonial power. C. Japan had an economic revival in the 1950s and 1960s largely by targeting the American consumer market. D. If we eliminated our trade deficits with Japan and China, we would still be running a trade deficit.