The real business cycle theory emphasizes that in today's modern age, ________ technology plays a significant role in causing economic fluctuations
A) obsolete ideas in
B) advances in
C) shocks to
D) duplications in
C
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The fact that people have unlimited wants means that
a. they always want more of at least one good b. each person has an unlimited desire for every good c. labor unions demand wage increases d. selfish people are not concerned about others e. people buy goods without regard to what they can afford
Given a consumer's indifference map, the demand curve for a good can
a. be derived by moving a consumer's budget constraint as her income falls. b. be derived by moving a consumer's budget constraint as her income rises. c. be derived by moving a consumer's budget constraint as the market price of one good changes. d. not be derived from consumer theory.
Which of the following illustrates the wait-and-see lag?
A) Policymakers believe an economic downturn has occurred, but they decide not to take action until they are sure. B) Policymakers are in the process of proposing policy measures to deal with the current economic slowdown. C) Policymakers first learn of the recession when it is five months old. D) Policymakers implement policy X, but it will be a few months before it starts working. E) Policymakers agree to policy X, but it will be at least two months before the policy is implemented.
The economy above has experienced a:
Answer the question on the basis of the following information:
A. declining nominal GDP.
B. rising price level.
C. declining real GDP.
D. rising real GDP.