Since 1946 the U.S. economy has been marked by
A. A 32% macro failure rate.
B. A 46% macro failure rate.
C. Less stability due to the discretionary policies of the government.
D. Greater stability due to a hands-off policy by the government.
Answer: B
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Describe, in general terms, how an economist calibrates a macroeconomic model. What statistics can be usefully examined to see how well the model corresponds to the data?
What will be an ideal response?
The total welfare associated with a market that includes a government sales tax equals
A) consumer surplus plus producer surplus. B) consumer surplus plus producer surplus minus government tax revenue. C) consumer surplus plus producer surplus plus government tax revenue. D) the government tax revenue.
Which of the following market transactions of final goods and services are excluded from the computation of U.S. GDP??
A. ?Purchases of products such as wine, beer, hard liquor, and cigarettes. B. ?Secondhand transactions, such as when a used car is sold. C. ?New purchase that a resident of one state makes in a different state. D. ?Purchases of necessities such as groceries and rent.
The deadline for your research paper is tomorrow and you still need a day of work to complete the paper. Unfortunately, you are scheduled to work all day in the cafeteria. You can turn the paper in one day late for a 10 percent penalty or take the day off of work and turn the paper in by the deadline. Losing a day of wages will cost you $90. The marginal cost of turning the paper in on time is:
A. $90 in forgone wages. B. not getting to lounge around all day. C. 10 percent deducted from your final score. D. the 10% deduction in score and $90 in forgone wages.