Refer to the data. If year 2 is chosen as the base year, in years 1 and 3 the price index values, respectively, are:
A. 4 and 6.
B. 6 and 4.
C. 120 and 100.
D. 100 and 150.
D. 100 and 150.
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Which of the following equations best represents the long-term real interest rate? The long-term real interest rate =
A) the short-term real interest rate + the term structure effect + the default-risk premium + the expected rate of inflation B) the short-term nominal interest rate + the term structure effect + the default-risk premium - the expected rate of inflation C) the long-term nominal interest rate + the term structure effect + the default-risk premium - the expected rate of inflation D) the short-term nominal interest rate - the term structure effect - the default-risk premium + the expected rate of inflation
According to the classical economists, actual real GDP
A) always equals actual aggregate income. B) sometimes equals actual aggregate income. C) never equals actual aggregate income. D) is not related to aggregate income.
Prospect theory was proposed by:
A. John Nash. B. Milton Friedman and George Stigler. C. Amos Tversky and Daniel Kahneman. D. Gary Becker.
The addition to a business firm's total costs, that comes from producing one more unit of output, is its:
a. total variable cost. b. marginal cost. c. sunk cost. d. opportunity cost. e. total fixed cost