Over the course of the business cycle
a) the public sector is the most procyclical sector of the economy
b) manufacturing tends to be countercyclical
c) the service sector displays greater volatility than manufacturing
d) construction is the most volatile sector of the economy
e) the amplitude of fluctuations in the public sector exceeds that of GDP as a whole
d) construction is the most volatile sector of the economy
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All of the following can be true about the optimal basket consumed by a consumer, except
a. The basket is on the budget line. b. The person is spending all of their money on the basket. c. The basket is on the highest indifference curve. d. The budget line is tangent to an indifference curve at the optimal basket.
The balance of payments has become a central issue for the United States because
A) when the balance of payments is not balanced, society is unbalanced. B) the U.S. economy cannot grow when the balance of payments is in deficit. C) the U.S. has run huge trade deficits in every year since 1982. D) the U.S. never experienced a surplus in its balance of payments. E) the U.S. once ran a large trade surplus of about $40 billion.
The most competitive industry among the following is one that has
A. price leadership. B. covert collusion. C. open collusion. D. a cartel.
The trade-off between the present and future consumption is measured by
A. the foregone present consumption. B. the difference between the money price of future goods and the money cost of producing them. C. the money cost of both the present and future consumption. D. the difference between the money price of present goods and the money cost of producing them.