Which of the following equations represents equilibrium in the goods market?
A. AE = C + I + G
B. Y = AD + AS
C. Y = S + I
D. AE = I(r)
Answer: A
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From the economic point of view, why might a retired couple spend four hours a day on the golf course when they could have spent their time becoming better informed about their elected representative in Congress?
A) They are going to die soon so it really doesn't matter. B) They must love golf and hate politics. C) The congressperson must have wronged them. D) They consider golfing a more productive use of their time.
An advantage of a swap over futures and options is that
A) they can be written for long periods. B) they are more liquid. C) they carry less default risk. D) there is no need to assess the creditworthiness of participants.
Arrow's impossibility theorem tells us:
A. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held. B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system. C. political pressures will always corrupt a voting system, making none ideal. D. no voting system can ever attain all four criteria for an ideal voting system.
More than half of the labor force in developing countries is devoted to agriculture, and about 3/4 of output in these countries comes from agriculture
Indicate whether the statement is true or false