What is the name of the organization that defines business cycle peaks and troughs in the United States?
A) the National Bureau of Economic Research B) the National Peak and Trough Committee
C) the Bureau of Labor Statistics D) the Federal Reserve
A
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To test the null hypothesis of a unit root, the ADF test
A) has higher power than the so-called DF-GLS test. B) uses complicated interative techniques. C) cannot be calculated if the variable is integrated of order two or higher. D) uses a t-statistic and a special critical value.
Economic theory has traditionally focused on optimality in decision-making
a. True b. False Indicate whether the statement is true or false
The "depreciation rate" tells us
A) the interest rate that should be used in present discounted value calculations. B) the rate at which consumers deplete their total wealth in retirement. C) the difference between current and expected income. D) the difference between current and expected profits. E) how much usefulness a machine loses from year to year.
Describe how the real interest rate changes in a Keynesian model if a shock shifts the IS curve down and to the right and the Fed changes its policy to keep output unchanged.
What will be an ideal response?