The period in the business cycle from a peak down to a trough is referred to as a(n)
A. boom.
B. expansion.
C. inflation.
D. recession.
Answer: D
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Investment spending will decrease when
A) firms become more optimistic about earning future profits. B) the corporate income tax decreases. C) business cash flow decreases. D) the interest rate falls.
Refer to the graph shown.
We can conclude from the diagram that:
A. Norstrilia has a comparative advantage in both goods. B. Norstrilia has a comparative advantage in manufacturing and Graustark has a comparative advantage in agriculture. C. Norstrilia has a comparative advantage in agriculture and Graustark has a comparative advantage in manufacturing. D. Graustark has a comparative advantage in both goods.
The wage rate that is adjusted for changes in ________ over time is the real wage rate.
A. tax rates B. the price level C. the average number of hours worked per week D. worker productivity
The general message of the folk theorems is:
a. Nash equilibria may not be sustainable over many replications of a game. b. payoffs that are unambiguously preferred to Nash equilibria may be sustainable over many replications of a game. c. credible threats may inhibit the achievement of mutually beneficial outcomes over many replications of a game. d. just plain folk play the best games.