Behavioral economics helps explain:
A. why being selfish is rational.
B. why people are selfish.
C. the degree to which people are altruistic.
D. why people are rational.
Answer: C
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The consumer price index (CPI) overstates the true inflation rate because it ignores changes in consumers' purchasing patterns as relative prices change
a. True b. False Indicate whether the statement is true or false
The primary reason we think of inflation as bad even when wages rise with it is that it:
What will be an ideal response?
The inflation rate can be calculated as the percentage change in:
A. real GDP. B. the exchange rate. C. the CPI. D. nominal GDP.
Exhibit 11-10 GDP data (billions of dollars) Indirect business taxes$ 600 Depreciation950 Change in business inventories50 Compensation of employees5,400 Corporate profits700 Durable goods600 Exports100 Social Security taxes360 Transfer payments300 Fixed investment950 Government spending800 Imports150 Net interest500 Nondurable goods2,000 Personal taxes1,000 Rental income200 Services4,000 In Exhibit 11-10, and using the expenditures approach, compute net exports (X-M). Which of the following is correct?
A. $500 billion. B. $150 billion. C. $100 billion. D. -$50 billion.