The Goldin and Lewis (1975) study of the costs of the Civil War:
a. finds peaceful abolition of slavery would have been more costly than the War.
b. fails to include an estimate for the loss of human capital due to the War.
c. estimates the total cost of the War at more than double national income in 1860.
d. finds Northern property damage to be a major factor in the War's cost.
c. estimates the total cost of the War at more than double national income in 1860.
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Refer to Figure 3.7. Answer the following questions about the game represented in the figure:
a. What type of game is represented by the payoff matrix? b. Does George have a dominant strategy, and if so, what is it? c. Does Elaine have a dominant strategy, and if so, what is it? d. Does George have a tough strategy, and if so, what is it? e. Does Elaine have a tough strategy, and if so, what is it? f. Are there any Nash equilibria, and if so, what, are they?
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An economist would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
If policy makers decide to decrease the inflation rate very slowly, it is referred to as ______.
a. indexing b. going cold turkey c. de-escalation d. gradualism