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6/9/2019 Final Exam 1/6 Home My courses ECON 1580 - AY2019-T4 Final Exam (Days 1 - 4) Final Exam Not yet answered Marked out of 1.00 Not yet answered Marked out of 1.00 Not yet answered Marked out of 1.00 Generational accounting: Select one: a. is a method of assessing the impact of ±scal policy lags from one generation to another. b. measures the number of generations it takes to pay o² the national debt at a given point in time. c. evaluates the impact of current ±scal policies on di²erent generations in the economy, including future generations. d. is an accounting method that defers to the future, the cost of any government policy the rewards of which will be reaped in the future. The slope of the total product curve is: Select one: a. ±xed product. b. average product. c. marginal product. d. implicit product. If your local government gives you the exclusive right to sell breakfast bagels in your community, your monopoly would result from: Select one: a. sunk costs. b. location. c. economies of scale. d. government restrictions. This study resource was shared via CourseHero.com
6/9/2019 Final Exam 2/6 Not yet answered Marked out of 1.00 The income e²ect of a price change is described by which of the following statements? Select one: a. When the price of a good falls, consumers have an implicit increase in income and can now buy more of the good. b. When the price of a good falls, consumers will now substitute this lower priced good for more higher priced goods. c. The income e²ect is the relative change in the amount of a good consumed when the price of another good changes. d. The income e²ect shows how a change in income at a given price will a²ect the quantity of a good purchased. This study resource was shared via CourseHero.com
6/9/2019 Final Exam 3/6 Not yet answered Marked out of 1.00 In this exhibit (Figure 7-7), suppose the economy is initially in short-run equilibrium at point K. If the policy-makers adopt a nonintervention policy, over time, I. Real wages will fall as long as unemployment remains above the natural rate. II. Lower nominal wages will result in a gradual shift from SRAS to SRAS . III. Long-run equilibrium will be established at Y and P . Select one: a. I, II, and III b. I and II only c. II and III only d. III only 2 1 P h This study resource was shared via CourseHero.com
6/9/2019 Final Exam 4/6 Not yet answered Marked out of 1.00 Not yet answered Marked out of 1.00

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