Prescott's calibrated RBC model was able to match the data in terms of the ________ between many key macroeconomic variables and GNP; that is, in terms of how closely they moved with GNP over the business cycle.
A. interdependence
B. sigma ratio
C. correlation
D. gamma coefficient
Answer: C
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Which of the following refers to diminishing marginal returns?
A) The revenue of a cell phone manufacturer decreased when it increased its product price. B) The additional output produced in a firm decreased as more workers were hired. C) The profits of an entrepreneur increased substantially after he fired a few of his employees. D) The total output of a firm decreased as more workers were hired.
Which of the following is NOT an entity of the Federal Reserve System?
A) Federal Reserve Banks B) the Comptroller of the Currency C) the Board of Governors D) the Federal Open Market Committee
If Don has budget constraint C in the graph shown, what is the trade-off he faces in terms of the two goods?
This graph shows three different budget constraints: A, B, and C.
A. Two cases of soda for every three gallons of milk
B. One case of soda for every one and a half gallons of milk
C. Three cases of soda for every four and a half gallons of milk
D. All of these accurately reflect Don's tradeoff.
The quantity demanded of a good is the amount that buyers are a. willing to buy
b. willing and able to buy. c. willing, able, and need to buy. d. able to buy.