An example of a trade-off is
a. giving up going to a movie to spend time shopping
b. giving up going to a movie because it got bad reviews
c. going to a movie to see your favorite movie star
d. not going to a movie because your wife isn't feeling well
Ans: a. giving up going to a movie to spend time shopping
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In the aggregate expenditure (AE) model, the economy is driven to its equilibrium by changes in
A) autonomous expenditures that are the result of changes in real GDP. B) investment that are the result of changes in real GDP. C) induced expenditures that are the result of changes in real GDP. D) net taxes that are the result of changes in real GDP. E) government expenditures on goods and services that are the result of changes in real GDP.
In the "fooling" model, it is assumed that ________ can have inaccurate perceptions of the price level in the economy
A) workers B) firms C) workers and firms D) neither workers nor firms
Which of the following would shift a market labor supply curve to the left?
a. an increase in the wage paid to workers in a competing market b. labor-saving technology c. a change in worker tastes so that workers want to retire later d. an increase in immigration
Which of the following is the correct expression for finding the present value of a $1,000 payment one year from today if the interest rate is 6 percent?
a. $1,000 (1.06) b. $1,000(1.06) c. $1,000/(1.06) d. None of the above is correct.