The concept of rational expectations first appeared on the economic scene in _______, but it wasn't until the _____________ that it received more significant notice in the economics profession
A) 1931; early 1970s
B) 1961; early 1970s
C) 1981; early 1990s
D) 1991; early 2000s
E) 1921; early 1980s
B
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The above figure shows the production possibility frontier for a country. What is the opportunity cost to move from point D to point E?
A) 6 thousand bottles of wine B) 15 thousand bottles of wine C) 6 tons of rice D) 9 thousand bottles of wine E) Nothing, it is a free lunch.
For the unregulated, single-price monopoly shown in the figure above, when its profit is maximized, output will be
A) 4 units per year and the price will be $6. B) 4 units per year and the price will be $4. C) 6 units per year and the price will be $4. D) None of the above answers is correct.
In IS-LM analysis, the nominal interest rate is
A) purely a monetary phenomenon. B) purely a real phenomenon. C) both a monetary and a real phenomenon. D) neither a real nor a monetary phenomenon, but determined by government policy.
Brand name products tend to have demand curves that are relatively more inelastic because
A) brand name products tend to have more substitutes. B) brand name products tend to have fewer substitutes. C) consumers are very sensitive to the prices of brand names. D) brand names are not valued.