"I woke up earlier today to beat other fishermen to the fish and yet I caught the same number of fish at 5 a.m. as I did at noon." Which of the following best explains this occurrence?
a. Many other fishermen also believe that they can catch a greater quantity of fish if they arrive earlier at the fishing area. So the area is crowded early in the day.
b. The fish do not care when they eat, so
they are likely to bite on the bait at any time during the day.
c. The catching of fish is mostly luck, so timing is not important.
d. The early bird catches the worm.
a
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
According to New Keynesians, which of the following is one of the two key factors that determines the inflation rate?
A) stock prices B) oil prices C) fiscal policy D) anticipated future inflation
If, as an entrepreneur, I am earning accounting profits of $60,000 per year and the opportunity cost of my time is $50,000
A) I am earning economic profits of $10,000. B) I am earning economic profits of $60,000. C) I am earning economic losses of $10,000. D) I should close my business.
According to Keynes, an unbalanced budget is appropriate in all of the following situations except when
A. The economy is at full employment. B. Leakages and injections are out of balance. C. The economy is below full employment. D. Macro equilibrium is above full employment.