Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions."
A. John Maynard Keynes
B. Alfred Marshall
C. Adam Smith
D. President Harry Truman
Answer: A
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To demonstrate the anchoring phenomenon, Kahneman and Tversky would ask research subjects very difficult questions that should be answered with a number between zero and 100
Before asking for the respondent's answer, they would also spin a large wheel that generated random number outcomes from zero to 100. If the respondents were subject to the anchoring effect, then we should expect that: A) their responses are uncorrelated with the numbers generated by the wheel. B) their responses are correlated with the numbers generated by the wheel. C) their responses are wrong most of the time. D) none of the above
The absolute price elasticity of demand would be the lowest for
A) automobiles. B) Pizza Hut pizza. C) salt. D) movie tickets.
A business borrows from a bank at 7 percent but expects 3 percent general inflation in the economy. What are the nominal and real rates of interest facing this borrower?
What will be an ideal response?
The short-run Phillips curve illustrates ________ relationship between the unemployment rate and the inflation rate
A) a mixed B) an upside-down U-shaped C) a positive D) no E) a negative