Which of the following is a major measure of economic growth?
A. Changes in real GDP.
B. The fall in the rate of unemployment.
C. The rise in the price level.
D. Changes in interest rates.
Answer: A
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Behavioral economists view the standard economic theory of decisions involving time as being too restrictive because people have:
A. lapses in self-control. B. perfect foresight. C. a tendency to ignore sunk costs. D. lapses in self-control and a tendency to ignore sunk costs.
According to the text, during World War II rationing was conducted in the U.S. through the use of
A) queuing. B) lotteries. C) coupons. D) sharing.
When the supply of money rises, interest rates _____.
Fill in the blank(s) with the appropriate word(s).
The heart of the argument against an increase in the minimum wage is that
A. there is a net loss to workers. B. there are workers who earn more than they are worth. C. there is a loss to firms. D. the net gain to workers is less than the loss to firms.