In the years immediately prior to 2005 in the U.S.,
A. home prices were rising briskly.
B. home prices were falling precipitously.
C. bankers were confident that home prices would decrease in 2005.
D. home prices were constant.
Answer: A
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Comment on the following statement: "If one player in the game does not have a dominant strategy, it is impossible to predict the outcome of the game."
What will be an ideal response?
The per-worker production function relates output per worker
A) to capital per worker. B) to the participation rate. C) to production per worker. D) in different countries.
The above figure shows the demand and supply curves in the market for milk. Currently, the market is in equilibrium
If the government imposes a $2 per gallon tax to be collected from sellers, calculate the dead weight loss associated with the tax, and explain why the dead weight loss occurs.