If there is a recessionary gap in the economy, discretionary fiscal policy would likely involve an action to
A) shift the aggregate demand curve to the right.
B) shift the aggregate demand curve to the left.
C) shift both the aggregate demand curve and aggregate supply curve to the right.
D) shift both the aggregate demand curve and aggregate supply curve to the left.
Ans: A) shift the aggregate demand curve to the right.
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The ________ assumes that people choose efficient means to achieve their ends, but it regards goals as objects of choice that are subject to a similar efficiency requirement.
A. Weber-Fechner law B. present aim standard of rationality C. standard rational choice model D. adaptive rationality standard
According to institutionally-focused economists:
A. there is no relationship between PQ and MV because Q isn't constant. B. there is no relationship between PQ and MV because V is constant. C. the direction of causation goes from PQ to MV. D. the direction of causation goes from MV to PQ.
Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.Table 19.3Michael's Utility ScheduleUnits of ColaTU of ColaMU of ColaUnits of PretzelsTU of PretzelsMU of Pretzels14040130302 322 2039624366164112 478 5124 584 In Table 19.3 the marginal utility per dollar of the second cola is
A. 4. B. 12. C. 6. D. 10.
Recall the Application about how the effect of a more dangerous job on wages may be used to calculate the value of a statistical life to answer the following question(s).According to the Application, one way to calculate the value of a statistical life is to compare how much more workers are paid with:
A. the increase in the probability of dying on the job. B. the average age of death for people who worked in that type of job. C. the number of people how died in that job that year. D. how much the company pays for life insurance for their workers.