We use a two-period model because
A) the business cycle has two phases: contraction and recovery.
B) it is the simplest dynamic model.
C) we want to make a distinction between young and old households.
D) this is the horizon of the politicians that formulate policy.
B
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Lucinda buys a new GPS system for $250. She receives consumer surplus of $75 from the purchase. What value does Lucinda place on her GPS system?
A) $75 B) $175 C) $250 D) $325
In the context of the global economy, the United States' capacity utilization rate __________________ than it was just a few decades ago.
A. is much more important B. is much less important C. has the same importance
In which market structures is the firm able to earn long-run economic profits?
A. oligopoly and monopoly B. perfect competition and monopolistic competition C. monopolistic competition, oligopoly and monopoly D. monopolistic competition and oligopoly
What would Kant advise XYZ to do?