Figure 11-3
In Figure 11-3, which line represents the change in the consumption schedule caused by an increase in the personal income tax?
a.
C1 in graph (a)
b.
C2 in graph (a)
c.
C1 in graph (b)
d.
C2 in graph (b)
c
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Comment on the following statement: "If one player in the game does not have a dominant strategy, it is impossible to predict the outcome of the game."
What will be an ideal response?
The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months. B) two consecutive quarters of declining real GDP. C) a significant decline in inflation and unemployment lasting more than a few months. D) two consecutive quarters of declining nominal GDP.