The implementation lag for monetary policy requires
A. changes in exports and imports.
B. congressional changes in spending and taxes.
C. changes in state funding rebates.
D. rather immediate changes in open market operations.
Answer: D
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Nick has two job offers, one as a financial planner and one as an economist for a regional bank. The income that Nick would expect to earn as a financial planner depends how effective he is in getting clients
He estimates that he would receive either $80,000 and a utility of 75, with a probability of .50, or he would earn $30,000 and a utility of 35, with a probability of .50. The economist job would pay $45,000 per year and has a utility of 55. To maximize his expected utility, which job should Nick take? A) Nick is indifferent between the two jobs. B) Nick is better off if he takes the economist job. C) Nick is better off if he takes the job of financial planner. D) Nick should look around for another job.
Answer the following questions:
a. What does GDP measure, and why is it a useful tool for economists, business decision makers, and government policy makers? b. Explain at least two important things GDP does not measure.
Allocative and productive efficiency are achieved under the market structure of:
A. pure competition. B. pure monopoly. C. oligopoly. D. monopolistic competition.
What is the price elasticity of demand? How is the price elasticity of demand calculated?
What will be an ideal response?