Behavioral economics:
A. draws on insights from psychology to expand models of individual decision making.
B. draws on insights from anthropology to clarify models of individual decision making.
C. draws on insights from business theory to expand models of household behavior.
D. is the least disputed field of economics.
A. draws on insights from psychology to expand models of individual decision making.
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What would happen to measured GDP if more people started hiring workers to do house chores such as cooking and cleaning?
What will be an ideal response?
Following a decline in the inflation rate, once long-term wage contracts are renegotiated and all prices in the economy adjust to their new equilibrium:
a. the economy will move up the short-run Phillips curve. b. the short-run Phillips curve will shift to the left. c. the economy will return to the vertical Phillips curve. d. the aggregate supply curve will shift to the right. e. the aggregate demand curve will shift to the right.
One reason De Beers has lost some of its monopoly power is:
A. pressure from consumers. B. antitrust laws C. competition from Canadian and Russian diamond mines. D. All of these statements are true.
What are the four categories of unemloyed individuals determined by the Bureau of Labor Statistics?
What will be an ideal response?