Because of the recent rise in the average rate of productivity growth, the business cycle is dead.
a. true
b. false
Answer: b. false
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The nominal exchange rate is
A) the difference between the interest rate in one country and the interest rate in another country. B) the rate at which a bond may be exchanged for currency. C) the rate at which a stock may be exchanged for currency. D) the price of one country's currency in terms of another's.
Troll Corporation sells dolls for $10.00 each in a market that is perfectly competitive. Increasing the number of workers from 100 to 101 would cause output to rise from 500 to 550 dolls per day. The marginal revenue product for the 101st worker is:
a. $10.00. b. $500. c. $5,000. d. $1,010.
It is common for fashion trends to follow celebrity fashion choices. This is an example of:
A. inferring quality from price. B. bounded rationality. C. conspicuous consumption. D. focal point equilibrium.
Figure 10-9
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Figure 10-9 describes which of the following periods in the United States?
A. 1930s B. 1973–1975 C. late 1990s D. 2007–2009