A detailed history of business cycles is known as a
A. business cycle chronology.
B. trend analysis.
C. Hodrick-Prescott filter.
D. historical decomposition.
Answer: A
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For an individual who consumes only two goods, X and Y, the opportunity cost of consuming one unit of X in terms of how much Y must be given up is reflected in
a. the individual's marginal rate of substitution. b. the slope of the individual's budget constraint. c. the slope of the individual's indifference curve. d. None of the above.
A theory is a(n) __________ representation of how two or more variables interact with each other.
a. simplified b. complex c. alternative d. contradictory
If the United States is to reduce poverty by using a negative income tax, the guaranteed income should be
a. two times the tax rate. b. close to the poverty line. c. close to the median income of all families. d. above the poverty line.
There are a smaller number of firms that operate in both monopolistic competition and perfect competition.
Answer the following statement true (T) or false (F)