In the "Interdisciplinary Perspective" titled "A Philosophical Critique on the Marginal Utility of Money," the basic point made is that
a. the law of diminishing marginal utility does not apply to money
b. marginal utility always increases at an increasing rate for money
c. once basic needs are met, additional income or wealth does not increase happiness
d. most of the theories advanced by economists are flawed
e. the total utility function for money has a downward slope
C
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Assume that you purchased a $1,000 perpetual bond that pays a market interest rate of 5 percent. If you attempted to sell this bond today subsequent to an increased market rate of interest of 7.5 percent, then you
a. could only sell this bond at a capital loss. b. could sell this bond at a capital gain. c. would not be able to sell this bond. d. could exchange your bond yielding 5 percent for a bond yielding 7.5 percent on an even exchange basis.
According to the partisan theory,
a. politicians are viewed as working only for their own welfare. b. there are two parties with flexible goals. c. moderates and liberals often switch political goals. d. macroeconomic policy is not a key focus of most politicians. e. none of the above.
In the distributed lag model, the dynamic causal effect
A) is the sequence of coefficients on the current and lagged values of X. B) is not the same as the dynamic multiplier. C) is generated by choosing different truncation points for the HAC standard errors. D) requires estimation of the model by Cochrane-Orcutt method.
The observed variations in practice patterns in different regions of the country is the result of all of the following except one.
a. Patients often prefer a number of different options to treat the same illness and physicians are willing to accommodate these differences. b. The observed variations are due to scientific uncertainty associated with diagnosis and treatment. c. There are many alternative treatment options available for most ailments. d. Practice variations are due to differences in demographics and disease incidence across regions. e. Medical training varies across the country depending on where the physician was trained, and most physicians' practices tend to be in the same regions.