Which of the following would be considered a "leisure" activity by economists?
A. Mopping the floor at McDonald's for minimum wage
B. Folding sweaters while working at the Gap
C. Mopping your kitchen floor
D. None of these activities would be considered leisure.
Answer: C
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Suppose the current situation is such that the price level is 120, real GDP is $17 trillion, and GDP along the long-run aggregate supply curve is $16.6 trillion. What will take place to restore the long-run equilibrium?
A) The price level will fall until long-run aggregate supply increases to $17 trillion. B) The price level will fall and money wage rates will rise until real GDP along the long-run aggregate supply curve is $17 trillion. C) Money wage rates will rise until real GDP reaches $16.6 trillion. D) Aggregate demand will increase until both short-run and long-run aggregate supply equal $17 trillion.
Payments by the government to the public for which the government receives no current goods or services in return are called:
A. capital losses. B. net taxes. C. public saving. D. transfer payments.
To predict the effects of a tax cut on consumption spending, economists must have some estimate of the
A. income effect. B. substitution effect. C. relative price effect. D. marginal propensity to consume.
A simultaneous game is said to exist when:
A. firms are playing pricing games in different markets at the same time. B. firms choose their strategies at the same time as their rivals. C. firms can set multiple prices for the same good at the same time. D. strategies are set without regard to possible interactions in future time periods.