________ is the relationship according to which the perceived change in any stimulus varies according to the size of the change measured as a proportion of the original stimulus.
A. Regression to the mean
B. The adaptive rationality standard
C. The Weber-Fechner law
D. The representative heuristic
Answer: C
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If the cross elasticity of demand is negative, that means the goods
A) have elastic demands. B) have inelastic demands. C) are complements. D) are substitutes. E) are inferior.
What method of inventory valuation should be used for economic decision-making problems?
a. book value b. original cost c. current replacement cost d. cost or market, whichever is lower e. historical cost
Which of the following is an example of an open-access resource?
a. a city subway system b. a college education c. an elementary school education d. whales in the ocean e. pandas in the zoo
An inflationary gap is the amount by which aggregate expenditures ____ the amount required to achieve full-employment equilibrium GDP
a. exceed b. equal c. fall short of d. are greater than