The difference between asymmetric and symmetric shocks is that:
A) the former results in no conflicts in policy goals between countries.
B) the latter results in policy conflicts between countries.
C) the latter results in identical policies being implemented.
D) the former is favored over the latter.
Ans: C) the latter results in identical policies being implemented.
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A rise in the price of a substitute in production for a good leads to
A) an increase in the supply of that good. B) a decrease in the supply of that good. C) no change in the supply of that good; instead there is a change in the quantity supplied. D) a decrease in the quantity of that good supplied. E) no change in either the supply or the quantity supplied of the good.
Which of the following is a shortcoming of GDP?
A. GDP measures used goods and services. B. GDP includes changes in inventories. C. GDP includes the value of net exports. D. GDP does not make an allowance for leisure time.
The capture hypothesis suggests that
A. the firms being regulated will unduly influence the regulators. B. marginal cost regulation is superior to average cost regulation. C. regulation will lead to over-entry and eventual losses for firms in the industry. D. the well-focused interests of consumers will lead to the over-regulation of most industries.
Scientists studying human behavior have found that people tend to:
A. Always make rational decisions B. Make systematic errors in their decisions C. Make only random errors in their decisions D. Always make decisions that are not rational