According to Friedman's permanent income hypothesis, a family's income can be divided into permanent income and
a. temporary income
b. transitory income
c. residual income
d. extra income
e. transitional income
E
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For the recession of 2007-2009, it took ________ for real GDP to return to its cyclical peak
A) about 18 months B) about 2 year C) about 3.5 years D) almost 5 years
An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is marginal cost equal to when Q = 10?
What will be an ideal response?
Laws that change the tax code must begin
A. with the President. B. in the House of Representatives. C. in the Senate. D. none of these, they may begin anywhere.
The market for economists in Greenland has recently experienced an increase in the number of economists employed and an increase in the wage paid to economists. What could have generated such a change?
A. The demand for economists remained unchanged while the supply of economists decreased. B. The demand for economists recently decreased while the supply of economists remained unchanged. C. The demand for economists recently decreased while the supply of economists recently increased. D. The demand for economists remained unchanged while the supply of economists increased. E. The demand for economists recently increased while the supply of economists remained unchanged.