For most consumers, blu-ray players and blu-ray discs are likely to be:
A) substitute goods.
B) complementary goods.
C) inferior goods.
D) independent goods.
Ans: B) complementary goods.
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Which of the following models depicts the role of money as affecting only the price level in the short run?
a. The new classical model b. The Keynesian model c. The real business cycle model d. The monetarist model
In which one of the following situations is the political process most likely to result in both the acceptance of efficient (productive) programs and the rejection of inefficient (counterproductive) political activities?
a. The people who benefit from a government program pay the costs of the program roughly in proportion to the benefits that each receives. b. The benefits are highly concentrated, and the costs are widespread among voters. c. The costs are highly concentrated, and the benefits are widespread among voters. d. The benefits accrue primarily in the future, while the costs are more visible during the current period.
With respect to the business cycle, describe the difference between the expansion phase and the recovery phase
If policymakers decrease aggregate demand, then in the long run
a. prices will be lower and unemployment will be higher. b. prices will be lower and unemployment will be unchanged. c. prices and unemployment will be unchanged. d. None of the above is correct.