The National Bureau of Economic Research (NBER), a private group, is responsible or declaring when recessions begin and end. The Bureau of Economic Analysis (BEA), part of the federal government, might now want to take on this responsibility. Which one of the following is the most appropriate reason for the BEA's refusal?
A. Congress has established that its committees should be responsible for dating recessions.
B. More economists work for the NBER than do for the BEA
C. Because it is part of the government, the BEA could be pulled into politics with the dating of recessions
D. The BEA does not have as much data s the NBER
Answer: C. Because it is part of the government, the BEA could be pulled into politics with the dating of recessions
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Willingness to accept is:
A) always lower than the marginal cost of production. B) always higher than the marginal cost of production. C) the lowest price that a producer is willing to receive to sell an extra unit of a good. D) the highest price that a producer is willing to receive to sell an extra unit of a good.
Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year
He decides to play football, but eight years later, though he could continue to play football at $2 million a year, he quits football to make movies for $3 million a year. His opportunity cost of playing football at graduation was ________ and eight years later the opportunity cost of making movies was ________. A) $50,000; $2 million B) $2 million; $2 million C) $2 million; $3 million D) $50,000; $50,000
Picture a linear downward-sloping demand curve. If the price continues to fall, the price elasticity will
a. change from elastic, to unit elastic, to inelastic b. remain unchanged whatever the price range c. change from inelastic, to elastic, to unit elastic d. change from unit elastic, to elastic, to inelastic e. change from elastic, to inelastic, to unit elastic
What do economists mean when they use the term 'ceteris paribus'?
What will be an ideal response?