When quantities of two goods belong to the same indifference curve, which of the following is true?
A. The combinations of the two goods along the indifference curve yield the same total utility.
B. Prices of the two goods are equal.
C. Marginal utilities of both goods are equal.
D. The total utility of all combinations above the curve equal zero.
Answer: A
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Which of the following is true about the United States?
A. There have been recessions approximately every ten years. B. The pattern of recessions does not occur on a regular basis. C. Periods of economic growth and recessions occur in two-year patterns. D. Recessions always last less than one year. E. Recessions in the United States are generally more severe than they are in other countries.
When the price level increases, aggregate planned expenditure ________ and equilibrium real GDP ________. As a result, in the AS-AD model, the aggregate demand curve has a ________ slope
A) increases; decreases; negative B) decreases; decreases; negative C) decreases; increases; negative D) increases; increases; positive E) decreases; decreases; positive
If no one can be prevented from using good x, then good x is one of two types of goods. What are those two types?
The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)
A. legislative lag. B. implementation lag. C. recognition lag. D. budget lag.