The Added Perspective in the text refers to the success—or lack of success—of econometric computer models as an aid in economic forecasting. It argues that they have
a. sharpened forecasts to such an extent that they are almost 100 percent reliable
b. eliminated all "errors and omissions" in forecasting models
c. worsened the success to non-success ratio of economic forecasts
d. led to better predictions but still cannot forecast major "turning points"
e. not led to better predictions except in forecasting major "turning points"
D
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Money market mutual funds are included in
A) M1. B) M2. C) both M1 and M2. D) neither M1 nor M2.
Ben consumes soda and cheeseburgers. If his total utility from sodas is currently 40, and his total utility from cheeseburgers is 30, and the price of cheeseburgers is twice the price of sodas, a. Ben is in equilibrium
b. Ben should increase his soda consumption and decrease his cheeseburger consumption. c. Ben should decrease his soda consumption and increase his cheeseburger consumption. d. we cannot conclude that any of the above are correct.
The Wall Street Journal reports that "hard times aid poultry companies as people eat cheaper fowl." In the language of economists, this means
a. chicken is an inferior good. b. chicken has a negative substitution effect. c. chicken has a positive substitution effect. d. people's tastes change during recessions. e. chicken has a positive income effect.
The income in the low-income countries is more unevenly distributed than in middle-income or high-income countries
Indicate whether the statement is true or false