The least affordable places to live tend to be located disproportionately in
A. Michigan.
B. California.
C. Ohio.
D. Iowa.
Answer: B
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We can use macroeconomic analysis to
A) learn how to balance a checkbook. B) understand why economies grow. C) study the choices made by households. D) understand marginal changes in the macroeconomy.
Economists who really do want to take discretion away from the Fed, by imposing rules on ________, face the problem of ________
A) policy instruments, the Fed requiring discretion to adhere to the rule B) policy instruments, slippages between instruments and target variables C) target variables, the Fed requiring discretion on how to achieve the rule D) target variables, slippages between instruments and target variables
When economists say an individual possesses a "positive rate of time preference," they mean that she prefers to
a. save rather than consume. b. invest now rather than in the future. c. consume goods and services in the future rather than now. d. consume goods and services now rather than in the future.
Suppose Jim and Tom can both produce two goods: baseball bats and hockey sticks. Which of the following is not possible?
a. Jim has an absolute advantage in the production of baseball bats and in the production of hockey sticks. b. Jim has an absolute advantage in the production of baseball bats and a comparative advantage in the production of hockey sticks. c. Jim has an absolute advantage in the production of hockey sticks and a comparative advantage in the production of baseball bats. d. Jim has a comparative advantage in the production of baseball bats and in the production of hockey sticks.