The theories of investment were developed by
A) Friedman and Phelps.
B) Hicks and Hansen.
C) Modigliani and Friedman.
D) Lucas and Sargent.
E) Tobin and Jorgenson.
E
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Are markets always in equilibrium?
A. Yes, they are always at the equilibrium point, or very close to it. B. Yes, because few things tend to alter supply and demand. C. No, but if there is no interference, they tend to move toward equilibrium. D. No, they never “settle down” into a stable price and quantity. E. Uncertain, economic theory has no answer to this question.
Refer to Figure 16.1. An increase in expected output in the future is best represented by a movement from
A) point A to point B. B) point B to point A. C) point A to point C. D) point C to point A.
Showing the government's budget deficit as a percentage of nominal GDP is a simple way to correct for the effects of both inflation and the ability of the economy to handle the deficit.
What will be an ideal response?
John and Jane Smith are both economists who are deciding how to split household chores of cooking and cleaning. They discover that John has a comparative advantage in cooking. Does this discovery tell them anything about comparative advantage in cleaning?
A. No, either one may have a comparative advantage in cleaning. B. Yes, John must also have a comparative advantage in cleaning. C. Yes, Jane must have a comparative advantage in cleaning. D. No, both or neither may have a comparative advantage in cleaning.