The Civil Aeronautics Board (CAB) was:
a. established in 1934 and reorganized in 1984.
b. established in 1938 and eliminated in 1984.
c. established in 1938 and reorganized in 1991.
d. never a regulatory agency.
b
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The change in consumption that results from a change in the relative price of goods while staying on the same indifference curve is the
A) income effect. B) substitution effect. C) indifference effect. D) price effect.
Refer to Figure 12-2. What is the amount of profit if the firm produces Q2 units?
A) It is equal to the vertical distance c to g multiplied by Q2 units. B) It is equal to the vertical distance g to Q2. C) It is equal to the vertical distance c to Q2. D) It is equal to the vertical distance c to g.
What is the voting paradox?
A) people are aware that their votes will not change the political outcome since these outcomes are predetermined by a group of influential politicians B) the observation that majority voting may not always result in consistent choices C) the observation that less than 60 percent of those eligible to vote actually vote D) the idea that wealthy corporations are able to sway politicians to act in ways contrary to the desires of the majority
In the permanent-income hypothesis incorporating rational expectations, the short-run MPC is high when changes in current income
A) are small. B) are considered a good predictor of future income changes. C) are considered a poor predictor of future income changes. D) occur when the economy is nearing cyclical peaks or troughs.