If the data collected by policy makers overstate inflation, this is an example of
A. A goal conflict.
B. An implementation problem.
C. A design problem.
D. A measurement problem.
Answer: D
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Comment on the following statement: "Isoquants must be downward sloping."
What will be an ideal response?
Assuming a real interest rate of four percent, which of these causes the largest increase in the present value of lifetime resources?
A) a winning lottery ticket that pays $9,600 today B) an additional $10,000 of income in the future period C) a salary increase of $5,000 both today and in the future period D) an additional $10,000 of current wealth
Repeated games are conducive to
A) explicit cooperation. B) tacit cooperation. C) corruption. D) failing to have a Nash equilibrium.
A production function may exhibit:
a. constant returns to scale and diminishing marginal productivities to all inputs. b. constant returns to scale and diminishing marginal productivities to all but one input, but at least one input must have a constant marginal productivity. c. constant returns to scale and diminishing marginal productivity to at most one input. d. constant returns to scale and diminishing marginal productivities for no inputs.