Countercyclical fiscal policy:
What will be an ideal response?
is fiscal policy that seeks to counteract business-cycle fluctuations.
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If the demand for a good is highly elastic, that good is likely to have:
A. many close substitutes. B. many close complements. C. few close substitutes. D. few close complements.
Why do we analyze the steady state in the Malthusian model?
A) Because that is all we know how to do. B) Because there is a non-steady state that is not interesting. C) Because this is the Pareto optimum. D) Because the long run equilibrium of the model is the steady state.
If the roommates played the game repeatedly where one roommate not cleaning this time would trigger the other roommate not cleaning next time, the Nash equilibrium is most likely to be
a. John cleans, Joe doesn't b. Joe cleans, John doesn't c. Both of them clean d. Neither of them clean
A consumption bundle is affordable as long as:
A. it is a point that is on an indifference curve that is to the right of the budget line. B. it is a point that falls on the 45 degree line. D. the amount of the good consumed from year to year does not increase.