Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. higher; potential
D. lower; higher
Answer: A
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An upturn in business confidence may cause firms to ________ their estimates of MPK, leading to a ________ capital stock that matches MPK to the user cost of capital and thus ________ of net investment
A) lower, larger, a contraction B) lower, larger, an expansion C) lower, smaller, a contraction D) raise, smaller, a contraction E) raise, larger, an expansion
A scatterplot is
A) a graph highlighting leads and lags. B) a graph with one series on each axis. C) a graph of one series against time. D) a graph of two series against time.
Because of the value of things produced in households,
a. the GDP value is adjusted upward. b. the GDP value is adjusted downward. c. GDP is probably somewhat smaller than true total output. d. GDP is probably somewhat larger than true total output.
Which of the following allows the greatest value to be generated with a given amount of pollution?
a. Pollution tax b. Regulatory guidelines c. Compliance standards d. Pollution rights