Which of the following macroeconomic variables is the most seasonally procyclical?
A) Expenditure on services
B) The unemployment rate
C) Expenditure on durable goods
D) The real wage
C
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One problem with the infant industry argument is that
A) the protection is typically never removed, creating a domestic monopoly. B) it fails to protect domestic industries from foreign competition. C) it must be approved by the IMF and the World Bank. D) it must be approved by the Federal Reserve Board.
Suppose two coffee snobs who must have their coffee and cream in exact proportions (each cup is 10 coffee per 1 unit cream) are invited to a weekend long event (during which they can easily consume 8 cups of coffee). Suppose Snob A is given 8 units of cream and Snob B is given 80 units of coffee. The contract curve in the Edgeworth box would be
a. a right angle connecting the lower left corner with the upper right corner. b. a curve (not a line) connecting the lower left corner with the upper right corner. c. a line connecting the lower left corner with the upper right corner. d. a right angle connecting the upper left corner with the lower right corner.
The formula for calculating the tax multiplier is
a. MPC/(1 - MPC) b. MPC/(1 + MPC) c. -MPC/(MPC - 1) d. -MPC/(1 - MPC) e. MPC + (1 - MPC)
Answer the question on the basis of the following data. All figures are in billions of dollars. Gross Investment 18 National Income 100 Net Exports 2 Personal income 85 Personal Consumption Expenditures 70 Saving 5 Government Purchases 20 Net Domestic Product 105 Statistical Discrepancy 0 Refer to the above data. Consumption of fixed capital is:
a) $5. b) $10. c) $20. d) $30.