The behaviorist economists believe that economic behavior is guided by _________ and _________.
Fill in the blank(s) with the appropriate word(s).
rational self-interest; emotions
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Refer to Table 3-3. The table contains information about the sorghum market. Use the table to answer the following questions
a. What are the equilibrium price and quantity of sorghum? b. Suppose the prevailing price is $6 per bushel. Is there a shortage or a surplus in the market? c. What is the quantity of the shortage or surplus? d. How many bushels will be sold if the market price is $6 per bushel? e. If the market price is $6 per bushel, what must happen to restore equilibrium in the market? f. At what price will suppliers be able to sell 36,000 bushels of sorghum? g. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market? h. What is the quantity of the shortage or surplus? i. How many bushels will be sold if the market price is $14 per bushel? j. If the market price is $14 per bushel, what must happen to restore equilibrium in the market?
If the actual federal funds rate is substantially above the appropriate rate implied by the Taylor rule, this indicates that
a. monetary policy is overly expansionary and a shift toward a more restrictive policy would be appropriate. b. monetary policy is too restrictive and a shift to a more expansionary policy would be appropriate. c. monetary policy is unable to influence interest rates, and therefore it is unable to influence either output or prices. d. current monetary policy is on target and no policy shifts should be made.
Figure 3-18
Refer to . Which area represents the increase in consumer surplus when the price falls from P1 to P2?
a.
ABD
b.
ACF
c.
DEF
d.
BCFD
A country is likely to be better off in the long run if it pursues self-sufficiency
Indicate whether the statement is true or false