If Sean sells Tom a tennis racket for $50, we would expect
What will be an ideal response?
both parties to gain from this transaction.
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As the U.S. economy recovers from the recession of 2007-2009, stubbornly high unemployment is a concern. For each of the three business cycle models, identify the appropriate policy regime
What will be an ideal response?
One implication of the fact that profit functions are convex in prices is that firms will always prefer:
a. stable input and output prices. b. input and output prices that fluctuate about a given level. c. stable input prices and fluctuating output prices. d. fluctuating input prices and stable output prices.
Which of the following is a root cause behind competition inherent in every society?
a. Unlimited wants of the people b. People's desire to acquire goods and services for free c. Scarcity of goods and services d. Genetic makeup of people
The GDP price index one year was 200, and the next year it was 215. What was the percentage change in the price level (inflation) from one year based on that index?
a. 7.5% b. 10% c. 15% d. 2%