Which of the following about business cycles is true?
a. A "depression" is a recession that is mild and relatively brief.
b. The expansions and contractions of real world business cycles last varying lengths of time.
c. The timing of business fluctuations is regular and, therefore, easily predictable.
d. During the recessionary phase of the business cycle, the rate of unemployment is generally quite low.
B
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When playing a game in which players are in direct competition with one another, it is best to ________ a mixed strategy because the strategy is ________
A) use; predictable B) use; unpredictable C) avoid; predictable D) avoid; unpredictable
Suppose an increase in disposable income from $3 trillion to $3.2 trillion increases consumption from $2.5 trillion to $2.6 trillion. The marginal propensity to consume is _____
a. 0.1 b. 0.2 c. 0.5 d. 0.8 e. 0.9
Which of the following is an example of a good with a highly elastic demand curve?
a. Pencils b. Books c. Bread d. Sports vehicles
If the price of one Weight Watchers frozen dinner is $2 and the price of one dozen jelly doughnuts is $1, which of the following would Kent, a utility-maximizing consumer, buy with his $6?Jelly DonutsFrozen DinnersDozen Consumed per DayTotal utility (Units of utility)Dinners Consumed per DayTotal utility (Units of utility)0000112116221232327346430442530542628636
A. 2 frozen dinners and 2 dozen jelly doughnuts B. 1 frozen dinner and 4 dozen jelly doughnuts C. 6 dozen jelly doughnuts D. 3 frozen dinners