When considering the impact of institutions and policies on economic performance, it is most important to focus on
a. long-term economic growth.
b. short-term economic growth.
c. business cycle fluctuations.
d. the labor force participation rate of married women.
A
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The demand for a luxury good whose purchase would exhaust a big portion of one's income is
A. relatively elastic. B. relatively inelastic. C. perfectly elastic. D. unit-elastic.
Refer to the scenario above. Which of the following is likely to be true in this case?
A) A unique Nash equilibrium will occur. B) A socially inefficient equilibrium will occur. C) Multiple equilibria will occur. D) A dominant strategy equilibrium will occur.
When examining the financial status of households, wealth is
A) synonymous with income. B) a flow variable whereas income is a stock variable. C) a stock variable and includes both tangible assets and human capital. D) not as important as income because wealth does not change over time.
Gross Domestic Product in the U.S. is roughly:
A. more than six times M1. B. twice as large as M2. C. equal to M1. D. equal to M2.