Which of the following are NOT scarce?
a. time for leisure activities
b. computers
c. compact discs
d. the air we breathe
D
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Place point Z on the graph to indicate where the United States economy will most likely operate five years from now if we enjoyed an economic growth rate of 5 percent a year.
What do RBC economists mean by the term calibration?
A) Modifying the structure of an economic theory to strengthen its logic B) Changing a theory as the economy changes C) Working out a detailed numerical example of a more general theory D) Writing out the implications of a theory for all the main economic variables
The starting point of many methods for predicting equilibrium strategy in sequential games is
a. designing proactive reactions to rival actions b. information sets c. uncertain outcomes d. backwards induction based on an explicit order of play e. endgame analysis
Which of the following would not bar entry into a market?
a. control by a single firm of an essential resource b. the necessity of taking risks when starting a firm c. patents d. economies of scale e. government regulations limiting the number of firms in an industry