If preferences exhibit the property of transitivity, then
a. the preferences are irrational.
b. individuals prefer more government involvement in private markets than do people whose preferences are not transitive.
c. preferences change over time more quickly than when preferences are not transitive.
d. preferences satisfy one of the properties assumed to be desirable by Kenneth Arrow in Social Choice and Individual Values.
d
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The Fed
A) distributes Federal Reserve notes, which are paper currency. B) is responsible for conducting U.S. fiscal policy. C) has 15 Federal Reserve banks and governing boards in New York and Chicago. D) is responsible for minting coins.
Which of the following is NOT a feature of recent U.S. business cycles?
A) The time series of deviations from trend in real GDP is quite choppy. B) The time series of deviations from trend in real GDP is quite smooth. C) There is no regularity to the amplitude of fluctuations in real GDP above trend. D) There is no regularity to the frequency of fluctuations in real GDP above trend.
During a recession, both output and unemployment fall
a. True b. False
The slope of an upward-sloping line is positive, and the slope of a downward-sloping line is negative
a. True b. False Indicate whether the statement is true or false