Since 1950, farm productivity has:
A. advanced twice as fast as in nonfarm sectors of the economy.
B. lagged behind productivity advances in the nonfarm economy.
C. almost exactly matched productivity increases in the rest of the economy.
D. doubled.
Answer: A
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After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. a decrease in the seller's reservation price. B. the income effect of a price change. C. the substitution effect of a price change. D. a decrease in the buyer's reservation price.
In preparing their estimates of the stimulus package's effect on GDP, Obama administration economists estimated a government purchases multiplier of 1.57
Economist Robert Barro argues that ________, the government purchases multiplier would be lower than the administration's estimate, and economists Lawrence Christiano, Martin Eichenbaum, and Sergio Rebelo argued that ________, the multiplier would be higher than the administration's estimate. A) during wartime; when short-term interest rates are near zero B) during a recession; when the inflation rate is relatively low C) when the unemployment rate is high; when the value of the dollar is depreciating against foreign currencies D) when the federal budget is in surplus; when government transfer payments are declining
An individual has preferences consistent with prospect theory. The person takes their current wealth of $10,000 (plus any certain additions) as their reference point. Gains above this reference point are worth +1 util. Losses below this reference point are worth -2 utils. The person is faced with two choice problems. The first involves a choice between (A) no gamble and (B) a gamble with an equal
chance of winning $1,800 and losing $1,000 . The second choice problem, the person first has $1,000 taken away (resulting in the adjustment of the reference point). The choice is then between (C) being given back $1,000 for sure and (D) an equal chance of winning $2,800 or nothing. What choices would the person make? a. A and C. b. A and D. c. B and C. d. B and D.
In the long run, all costs are variable
a. True b. False Indicate whether the statement is true or false