The idea that the economy operates like a complicated, predictable machine is an important aspect of
A) game theory.
B) attrition theory.
C) the theory of strategic interaction.
D) time inconsistency theory.
E) optimal control theory.
E
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Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the electric bill
A) i only B) ii only C) i and ii D) ii and iii E) Neither i, ii, nor iii
In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in
the welfare of the fixed factor in the production of cloth. A) no change; no change; no change B) an increase; an increase; an increase C) a decrease; an increase; an increase D) an increase; a decrease; a decrease E) a decrease; a decrease; a decrease
Suppose Country A has a closed economy. If Country A's GDP remains constant, but its consumption and government spending increase, then: a. Country A's national saving will decrease. b. Country A's national saving will increase. c. Country A's net taxes will increase
d. Country A's net taxes will decrease.
___________ economics led to the creation of the communist state in Russia, Cuba, and other nations.
A. Malthusian B. Marxist C. Smithian D. None of these choices are correct