Unemployment and inflation are important determinants of short-run material welfare, whereas productivity growth is an important determinant of long-run material well-being.
Answer the following statement true (T) or false (F)
True
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If the price of Pepsi decreases, all else held constant, then we'd expect to see a consequent shift of the demand curve for
A. Pepsi to the right. B. Coke to the right. C. Coke to the left. D. Pepsi to the left.
Amos Long's marginal utility of income function is given as: MU(I) = I1.5, where I represents income. From this you would say that he is
A) risk averse. B) risk loving. C) risk neutral. D) none of the above
The monopoly supply curve is the
A) same as the competitive market supply curve. B) portion of marginal costs curve where marginal costs exceed the minimum value of average variable costs. C) result of market power and production costs. D) none of the above
In a natural experiment,
A. similar people face very different circumstances. B. the circumstances of otherwise identical people differ entirely by chance. C. the circumstances of one group of people is compared to a "control" group of people. D. similar people face very similar circumstances.