All of the macroeconometric models currently in use
A) originate in the United States.
B) incorporate rational expectations into their predictions.
C) originate with government or international agencies.
D) originate with commercial firms who sell their forecasts to other firms and governments.
E) none of the above
E
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?
A) a decrease in the population B) a decrease in the price of orange juice processing C) an increase in the cost of fertilizer used for orange groves D) a decrease in income, assuming orange juice is a normal good
Refer to Table 15.3. Based on the data in the table, fiscal policy in Cordelia is ________ and fiscal policy in Saldinia is ________
A) sustainable; sustainable B) sustainable; unsustainable C) unsustainable; sustainable D) unsustainable; unsustainable
A horizontal demand curve for a good could arise because consumers
A) are irrational. B) are not sensitive to price changes. C) view this good as identical to another good. D) have no equivalent substitutes for this good.