Author Question: The body that is responsible for dating the beginning and ending dates for a recession is A) the ... (Read 53 times)

Evvie72 · **on:** Jun 29, 2018

The body that is responsible for dating the beginning and ending dates for a recession is

A) the Congress. B) the National Bureau of Economic Research.
C) the Bureau of Economic Analysis. D) the Fed.

Question 2

Pam, Pru, and Pat are deciding how they will celebrate the New Year. Pam prefers to take a cruise, is happy to go to Hawaii, but does not want to go skiing. Pru prefers to go skiing, is happy to go to Hawaii, but does not want to take a cruise.

Pat prefers to go to Hawaii or to take a cruise but does not want to go skiing. Their decision is to go to Hawaii. Is this decision rational? What is the opportunity cost of the trip to Hawaii for each of them? What is the benefit that each gets?

AmberC1996 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

B

Answer to Question 2

Pam, Pru and Pat's decision to go to Hawaii is rational. All three of them considered the cost and benefit of various New Year's plans. All three were at least willing to go to Hawaii while Pam and Pat were unwil-ling to go skiing and Pru was unwilling to go on a cruise. The opportunity cost of the trip for Pam is a cruise; for Pru, it is skiing; and for Pat, it is a cruise. The benefit each receives is the pleasure, the relaxation, excitement, and/or knowledge gained from the trip.