A decision tree is used when modeling:
A. a prisoner's dilemma.
B. simultaneous decisions.
C. any type of game.
D. games in which timing matters.
Answer: D
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Replacing the simple Keynesian consumption function with the function based on the permanent-income hypothesis results in a ________ short-run multiplier, implying a ________ stable private economy
A) higher, more B) higher, less C) lower, more D) lower, less
On the graph above, an increase in government spending, with no change in taxes, is likely to move the economy from point 1 to point ________
A) 8 B) 6 C) 3 D) 5
All of the following statements present accurate information about 18th century New England except:
a. New England exported more fish than England. b. Indian Corn was an important agricultural produce in New England. c. New England had plentiful supplies of timber. d. New England farms were large and highly productive.
Which of the following was an unintended consequence of the subsidies and mandated expansion in output of gasoline produced from corn-based ethanol?
a. higher food and grain prices. b. a reduction in the demand for battery powered automobiles because of the low prices of gasoline produced from ethanol. c. sharply lower prices for feed grains because of a reduction in the demand for corn. d. a substantial reduction in crude oil prices because of the low-cost production of gasoline from ethanol.