Economists describe the stock market as being a ______.
a. wild ride
b. random walk
c. leisurely stroll
d. dead run
b. random walk
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Thomas Malthus' prediction of mass starvation resulting from diminishing marginal returns has not been fulfilled because
A) the law of diminishing marginal returns did not hold in this case. B) Malthus ignored other factors like technological change. C) relative to Malthus' day, larger percentage of today's labor works in the agricultural sector. D) All of the above.
Based on the information in Scenario 15.7. You should
A) keep the wine in barrels. B) sell the wine now, to get $18 per bottle in profit. C) keep the wine unless you expect the price to fall below $18 per bottle. D) keep the wine unless you expect the price to rise above $22 per bottle. E) not do anything until you find out what the interest rate is.
The marginal propensity to consume (MPC) is equal to the inverse of the marginal propensity to save (MPS)
a. True b. False Indicate whether the statement is true or false
Estimates for the natural rate of unemployment in the United States range from
A. 2% to 10%. B. 3% to 8%. C. 1% to 5%. D. 4% to 6%.