The simplest device to analyze dynamic decisions is a
A) one-period model.
B) two-period model.
C) model that includes only the number of years of a typical consumer's lifetime.
D) continuous time model.
B
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The actual real wage is lower than the expected real wage if
A) actual unemployment is less than actual inflation. B) expected inflation is less than actual inflation. C) actual inflation is less than expected inflation. D) actual unemployment is less than expected unemployment.
In order for Ethiopia to increase its future economic growth, it must choose a point that is:
a. further along on its production possibilities curve toward the capital goods axis. b. above its production possibilities curve. c. below its production possibilities curve. d. further along on its production possibilities curve toward the consumption goods axis.