Which of the following is the best example of a durable good?
a. the box of Dunkin' Donuts doughnut holes that you ate for lunch yesterday
b. a bottle of Calvin Klein Obsession (cologne)
c. your Ford Explorer
d. a box of pecan nuts
e. the services you bought when you had your ears pierced last week
C
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Trade between two nations is NOT possible if they have:
a. identical indifference curves but different production possibilities frontiers. b. identical production possibilities frontiers but different indifference curves. c. different production possibilities frontiers and different indifference curves. d. identical production possibilities frontiers and identical indifference curves.
The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example, ________ ) have to be counteracted with ________ policies
A) expansionary; higher unemployment; contractionary B) expansionary; a higher inflation rate; contractionary C) contractionary; higher unemployment; expansionary D) contractionary; a higher inflation rate; expansionary