Which of the following is a cost of economic growth?
A. the sacrifice of current consumption
B. inflation in consumption goods
C. the sacrifice of future consumption
D. excessive depletion of a nation's natural resources
Ans: A. the sacrifice of current consumption
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In long-run equilibrium, the perfectly competitive firm produces
A. where P = MC = AC. B. at the lowest point on its long-run average cost curve. C. where its long-run average cost curve is tangent to its horizontal demand curve. D. All of the responses are correct.
The process of packaging a variety of loans together and slicing them up into new financial instruments is called:
A. diversifying. B. securitization. C. defaulting. D. liquidating.
According to economists, when two people make exactly the opposite decision
A. one of them is acting out of spite. B. one of them should compromise. C. one of them is acting irrationally. D. each person evaluates the situation according to his/her individual self-interest.
What are “coordination failures” and why are they important for interpreting the macro economy?
What will be an ideal response?