Forecasting the future path of real GDP by exploiting past statistical relationships
A) is never very reliable.
B) can be accomplished by the construction and use of an index of leading variables.
C) can be accomplished by the construction and use of an index of lagging variables.
D) can be accomplished by the construction and use of an index of coincident variables.
B
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The labor market in professional baseball is an example of
A) a bilateral monopoly. B) a monopsonistic labor market. C) a monopolistic labor market. D) a perfectly competitive labor market.
Suppose Elizabeth Gardner quit her job as a piano teacher to go into business making appetizers. Which of the following is an implicit cost for her business?
a. cost of rent b. cost of her own labor c. cost of hiring workers d. cost of insurance e. cost of raw materials
Mike's income is $600 per month. He spends all of it on books (B) and CDs (C). Books cost $10 and CDs cost $15. His preferences correspond to the utility function U(B,C) = B × C. For that utility function, the marginal benefit of books is C and the marginal benefit of CDs is B. How many books and how many CDs will he purchase in a month?
A. 20 CDs and 30 Books B. 60 CDs and 10 Books C. 15 CDs and 40 Books D. 30 CDs and 15 Books
“Trade deficits are a mixed blessing.” Interpret and elaborate.
What will be an ideal response?