Fluctuations around the long-run aggregate supply curve are:
A. called the business cycle.
B. experienced as expansions, recessions, and recoveries.
C. normal for an economy.
D. All of these are true.
D. All of these are true.
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Assume there are two competing social network sites, Mugshot and Graybar, and each grow in value as more people use them
Mugshot has been around longer and has the most users, but people tend to agree that Graybar is a better site, so the equilibrium where everyone uses Graybar is preferred to the equilibrium where everyone uses Mugshot. This situation describes a multiplayer A) assurance game. B) prisoner's dilemma game. C) battle of the sexes game. D) pure coordination game.
The table above shows Mary's utility from chips and soda. Mary receives ________ units of utility from the third chip
A) 30 B) 20 C) 55 D) 40
The underground economy refers to
a. all market activity that goes unreported to the government b. all market activity that is not subject to government taxation c. all illegal activity d. transactions between U.S. citizens and foreign nationals e. rent-seeking activities on the part of private citizens
Which one of the following events will leave GDP unchanged?
a. You pay $500 to repair your car damaged in an accident. b. You buy a new domestic car to replace one that was stolen. c. You lose $500 playing blackjack with friends. d. You work extra hours this month to help make up for the money you lost playing blackjack.