Which feature of the business cycle does the one-period model replicate with shocks to government expenditures?
A) procyclical employment
B) procyclical consumption
C) procyclical real wages
D) countercyclical prices
A
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In the short run, the competitive firm will hire more labor if
A) the wage rate increases. B) the price the firm receives for the output increases. C) the price the firm receives for the output decreases. D) a specific tax is imposed on the output.
A defendant believes there is a 70 percent chance that the plaintiff will win $800,000 and a 30 percent chance that the plaintiff will lose and be awarded nothing (zero). The plaintiff believes that there is a 90 percent chance that they will win $800,000 and a 10 percent chance that they will be awarded nothing (zero). The plaintiff's litigation cost is $300,000 and the defendant's litigation
cost is $200,000. What is the defendant's expected loss from the litigation? A) $550,000 B) $660,000 C) $420,000 D) $760,000
Who would be more likely to study the effects of rent control on housing in New York City, a macroeconomist or a microeconomist?
Refer to the above figures. A tariff is placed on a foreign good. Which figures represents the situation in the domestic market for a competing domestic good?
A. Panel A B. Panel B C. Panel C D. Panel D