Refer to Edgeworth Box Economy. In an Edgeworth box, a point where two indifference curves are tangent represents
a. the initial endowment point.
b. an allocation that both consumers prefer to the initial endowment.
c. a competitive equilibrium.
d. a Pareto-optimal allocation of goods.
d. a Pareto-optimal allocation of goods.
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When firms in an industry reach an agreement to fix prices, divide up market share, or otherwise restrict competition, they are practicing the strategy of
A. price leadership. B. collusion. C. interindustry competition. D. limit pricing.
If net taxes are included in the model, the equation that shows consumption at each level of income is: C = a + b(Y - T) or C = a + bY - bT
a. True b. False
A unit of account is
A) anything that is generally accepted in exchange for goods and services. B) a common measurement in which relative values are expressed. C) an item's ability to hold value over time. D) the exchange of goods and services for other goods and services. E) both a and d
Let {(yt, zt): t = …, ?2,?1, 0, 1, 2, …} be a bivariate time series process. The model: yt= 
+
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1zt -1+ 2zt -2 + ….. + ut, represents a(n):
A. moving average model.
B. ARIMA model.
C. finite distributed lag model.
D. infinite distributed lag model.