The "shadow heuristic" is all of the following, except:
A. When the brain assumes that light always fall from above
B. What makes us interpret two-dimensional shaded circles as three-dimensional bumps or holes
C. What allows us to measure the height of a tall structure by analyzing its shadow
D. When we sometimes mistakenly interpret the contours of a picture of a ball or a box
C. What allows us to measure the height of a tall structure by analyzing its shadow
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When a tax is imposed on an item, it can generally be said that the incidence of the tax is
A. entirely on the buyer. B. entirely on the seller. C. on both the buyer and seller. D. not determined in this manner.
A net exports deficit or surplus equals
A) taxes minus savings plus public and private investment. B) the government sector balance plus the private sector balance. C) net lending by both the private and public sector plus savings minus investment. D) net worth plus the government sector balance minus the private sector balance.
Which of the following questions are not answered by the process of demand side GDP determination?
a. How large is equilibrium GDP? b. Does the economy have unemployment? c. Is demand side equilibrium consistent with supply side equilibrium? d. Does the economy have inflation? e. All of the above are not answered.
If the demand for a firm's output is perfectly elastic, then the firm's Lerner Index equals
A) zero. B) one. C) infinity. D) one-half.