While purchasing _____ an individual whose cost of time is low will visit a larger number of dealers compared to the individual whose cost of time is high
a. a rare piece of jewelry
b. a refrigerator
c. a pair of jogging shoes
d. a cabinet for keeping books
B
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The value of the CPI for the reference base period is always
A) 100. B) 0. C) 1. D) 50. E) None of the above, because the value of the CPI is not always the same for all reference base periods.
Suppose the long-run average cost curve is U-shaped. When LRAC is in the increasing stage, there exist:
A. economies of scale. B. diseconomies of scope. C. diseconomies of scale. D. economies of scope.
Gordon believes that the new Keynesian approach as opposed to other business cycle theories is preferred because
A) it explains information barriers and sticky wages. B) it explains how workers are "fooled." C) it explains wage and price stickiness assuming rational firms and workers. D) it identifies the source of supply side shocks and slow SAS adjustment.
Which one of these is not an economic function of the federal government?
A. redistribution of income B. stabilization C. economic regulation D. All are economic functions of the federal government.