The Cournot and Stackelberg models are similar, EXCEPT Cournot ________ and Stackelberg ________
A) sets price; sets output
B) sets output; sets price
C) is dynamic; is static
D) is static; is dynamic
D
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If capital inflows decrease due to higher interest rates in other countries and large amounts of import spending, there will be:
A) upward pressure on a country's exchange rate. B) downward pressure on a country's exchange rate. C) no pressure on a country's exchange rate. D) none of the above.
Business cycle persistence refers to the property that
A) real GDP is rarely exactly at trend. B) booms and recessions last a long time. C) when real GDP is above trend, it tends to stay above trend, and when it is below trend, it tends to stay below trend. D) business cycles are persistently hard to predict.
The primary objective of economics is
A) to learn how to create more resources. B) to study how people make choices with limited resources. C) to learn how to make the most profits with a given amount of resources. D) to study why some people are never happy with the resources they have.
Most of the income of Americans comes from
a. transfer payments. b. the ownership of bonds and physical assets. c. the ownership of bonds and corporate stocks. d. the ownership of human capital.