Christina Romer argued that
A) measured properly, GNP before 1929 varied substantially less over time than the official statistics showed.
B) measured properly, GNP after 1929 varied substantially more over time than the official statistics showed.
C) measured properly, economic expansions after 1929 were shorter than the official statistics showed.
D) measured properly, economic expansions before 1929 were shorter than the official statistics showed.
A
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Suppose that Chris had been charging $1.00 per pound for potatoes. When Chris lowered the price to $0.90 per pound, his total revenue fell. When Chris raised the price to $1.10, total revenue also fell. Which of the following could explain this?
A. The price elasticity of demand for potatoes is 1 at a price of $1.00 per pound. B. $1.00 is the equilibrium price for potatoes. C. $1.10 is more than Chris's customers' reservation prices. D. At 90 cents, there is excess demand for potatoes.
In the long-run, the aggregate supply curve normally is downward-sloping
a. True b. False Indicate whether the statement is true or false
The phrase that was coined by John Maynard Keynes to describe the feelings of investors was the ________ of entrepreneurs.
A. animal spirits B. karma C. optimism D. pessimism
For any pair of countries, there is
A. one single exchange rate that will lead automatically to both countries realizing the gains from specialization and comparative advantage. B. a range of exchange rates that can lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country. C. one single exchange rate that will lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country. D. a range of exchange rates that can lead automatically to both countries realizing the gains from specialization and comparative advantage.