Which of the following individuals least likely suffers from myopia?
A. Marilyn, who struggles to lose weight because she regularly cheats on her diet.
B. Myrna, who lived through the Great Depression and tends to spend frugally and save most
of her money.
C. Malcolm, who currently spends all his income and saves nothing for retirement.
D. Marvin, who regularly sleeps in and is constantly late for work, much to the chagrin of his
boss.
Answer: B
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. If Mr
Crusoe is on his PPF and he increases the amount of fruit he gathers from 56 to 90 pounds, the opportunity cost is A) 34 pounds of fruit. B) 90 pounds of fruit. C) 17 pounds of fish. D) 37 pounds of fish. E) 31 pounds of fish.
If the MPC is 0.8 and disposable income shrinks by $100 million. Consumption would
a. rise by $8 million b. rise by $80 million c. fall by $80 million d. fall by $8 million e. fall by $20 million
In behavioral economics, salience is best exemplified by
A) consumers responding differently when posted prices increase rather than when prices increase because of sales tax increases. B) consumers responding the same regardless of how prices change. C) the end of a controlled experiment. D) consumers responding differently when income increases permanently rather than temporarily.