Duration is a variable that measures:
A. the time when a certain event occurs.
B. the time before a certain event occurs.
C. the time after a certain event occurs.
D. the appropriate number of lags for a regression model.
Answer: B
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If production involves increasing opportunity cost, then on the production possibilities frontier, moving to a point closer to the horizontal axis will increase the opportunity cost of
A. the good that is shown on the horizontal axis. B. the good that is shown on the vertical axis. C. both of the goods shown on the axes. D. neither of the goods shown on the axes.
Samuelson and Solow argued that a combination of low unemployment and low inflation
a. was impossible given the historical data as summarized by the Phillips curve. b. could be achieved with an "appropriate" fiscal policy. c. could be achieved with an "appropriate" monetary policy. d. could be achieved with an "appropriate" mix of monetary and fiscal policies.
During times of high unemployment, colleges often observe an increase in enrollment even if tuition remains unchanged. Why?
A. The benefit of attending college is lower because college graduates are less likely to find jobs. B. The opportunity cost of attending college is higher when unemployment is high. C. The opportunity cost of attending college is lower when unemployment is high. D. Students go to college even when the net benefit is negative.
Because consumption is largely determined by ________ income, consumption is ________ equally distributed than current income.
a. permanent, more b. permanent, less c. transitory, less d. transitory, more